Tesla delivers record number of EVs in ‘exceptionally’ difficult quarter – TechCrunch

Tesla reported Saturday that it shipped more than 305,000 electric vehicles in the first quarter, a record-breaking number that was in line with analysts’ expectations even as production suffered from supply chain restrictions and COVID-related plant closures.

“That was a out of the ordinary difficult quarter due to supply chain disruptions and China Zero Covid policy,” CEO Elon Musk tweeted on Saturday. “Excellent work from the Tesla team and key suppliers saved the day.”

Tesla said so produced 305,407 vehicles and delivered 310,048 vehicles in the first quarter. The vast majority of vehicles produced and shipped were Model Y and Model 3 vehicles. Tesla delivered 295,324 Model Y and Model 3 vehicles. It delivered 14,724 Model S and Model X vehicles.

Depending on the group surveyed, the delivery figures were within or exceeded the expectations of the analysts. Analysts polled by Refinitiv showed expectations of 308,836 vehicle deliveries, while those polled by Factset expected 317,000. However, due to plant closures and supply chain issues, production fell slightly from 305,840 in the previous quarter.

Tesla’s first-quarter delivery and production report comes amid mounting pressure in China, where a surge in COVID-19 cases has prompted the government to impose lockdowns. Tesla shut down production in his factory Shanghai twice in March. Tesla’s Gigafactory Shanghai produces about 2,000 vehicles daily, mainly Model Ys and Model 3s for Chinese consumers and the European market.

Tesla has managed to scale its production compared to the prior-year quarter as new factories come online. In the first quarter of 2021, Tesla produced just over 180,000 vehicles and delivered almost 185,000 vehicles. Production is set to ramp up further after Tesla’s new factory opens in Berlin.

Tesla also said on Saturday that it would report first-quarter results on April 20 after the market close. A live Q&A with Tesla management will follow at 5:30 p.m. ET.

Tesla delivers record number of EVs in ‘exceptionally’ difficult quarter – TechCrunch Source link Tesla delivers record number of EVs in ‘exceptionally’ difficult quarter – TechCrunch

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