June 29, 2022

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Tesla delivers record vehicles in Q1; output falls as China shutdown weighs

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Tesla Inc on Saturday reported record electric vehicle deliveries for the first quarter, largely meeting analysts’ estimates, but production fell from the previous quarter as supply chain disruptions and a China plant suspension weighed.

“This was an *exceptionally* difficult quarter due to supply chain interruptions & China zero Covid policy,” Chief Executive Elon Musk tweeted. “Outstanding work by Tesla team & key suppliers saved the day.”

Tesla delivered 310,048 vehicles in the quarter, a slight increase from the previous quarter, and up 68% from a year earlier. Wall Street had expected deliveries of 308,836 cars, according to Refinitiv data.

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Tesla produced 305,407 vehicles from January to March, down from 305,840 the previous quarter.

Tesla, the world’s most valuable automaker, has navigated the pandemic and supply chain disruptions better than rivals and its new Shanghai factory has been driving growth.

But a recent spike in COVID-19 cases in China has forced Tesla to temporarily suspend production at the Shanghai factory for several days in March and April as the city locks down to test residents for the disease.

The deliveries were “better than feared given supply chain issues,” said Daniel Ives, an analyst at Wedbush, in a report.

Tesla said it sold a total of 295,324 Model 3 sedans and Model Y sport utility vehicles, while it delivered 14,724 Model S luxury sedans and Model X premium SUVs.

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Reuters

2022-04-02 14:11:57

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