Tesla’s vehicle deliveries rose despite ‘exceptionally difficult’ quarter

Tesla started 2022 with more flexible performance in the face of severe global supply and logistics challenges, though it is not yet one of Wall Street’s most bullish forecasts, according to vehicle delivery data released on Saturday.

The American electric car maker said yes Delivered 310,048 new cars in the first three months of the year, slightly above the number delivered to customers in the last quarter of 2021 and an increase of almost 68% compared to the opening months of last year.

The company once again opposed the latest trend in which the world’s largest automakers report lower sales due to shortages of supply, with General Motors experiencing a 20% year-over-year drop in U.S. sales and Toyota a 14% drop in the first quarter.

“It has been a particularly difficult quarter due to supply chain disruptions and zero cobid policies in China,” Tesla CEO Elon Musk Tweeted on Twitter On Saturday.

“Tesla’s outstanding work and key suppliers have saved the day.”

Wall Street expected Tesla shipments of just under 309,000, according to analysts surveyed by Refinitiv, though other estimates have set expectations at 315,000 or more.

The news came in the wake of a three-week rise that pushed Tesla shares up more than 40 percent, knowing last week that it plans to split a second stock within two years.

Tesla’s Shanghai plant, which took over last year from its original plant in Fremont, California to become its largest manufacturer, closed in the final days of the quarter as the city responded to the spread of Cubid-19 cases. Despite this, the 305,407 vehicles produced in the quarter still declined in just 400 of the previous three months.

Like other automakers, Tesla has also faced a dense supply of chips and other parts, posing a particular challenge during what was a period of massive expansion. With its new plant in Berlin starting production earlier this year and another in Texas that is set to begin soon, Wall Street expects car shipments to rise more than 50 percent this year, to 1.5 million.

The rising demand for the company’s Model 3 and Y was the basis of its recent sales numbers, accounting for 295,324 shipments.

However, the continued lack of sales of the S and X at its higher prices, coupled with delays in launching the electric van, have led some analysts to warn that the company may rely too heavily on just two models, as more consumers consider buying an electric car for the first time.

Tesla’s vehicle deliveries rose despite ‘exceptionally difficult’ quarter Source link Tesla’s vehicle deliveries rose despite ‘exceptionally difficult’ quarter

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