Tesla Sales More Than Double in First Quarter of 2021 Over Last Year, Beat Expectations

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Tesla posted document deliveries for the January to March quarter, beating Wall Street estimates, as stable demand for inexpensive fashions offset the impression of a worldwide scarcity of components.

“We are encouraged by the strong reception of the Model Y in China and are quickly progressing to full production capacity,” Tesla mentioned in an announcement.

“The new Model S and Model X have also been exceptionally well received … and we are in the early stages of ramping production,” it added.

Tesla’s Shanghai manufacturing unit began manufacturing of the Model Y late final 12 months in the important thing market the place it already produces Model 3 sedans. In February, Tesla’s China gross sales jumped from the earlier month at the same time as demand often falls throughout China’s Lunar New Year holidays which occurred that month.

The electric-car maker delivered 184,800 automobiles globally through the first quarter, above estimates of 177,822 automobiles, in accordance with Refinitiv information.

This additionally exceeds its earlier document of 180,570 achieved final quarter.

In February, Tesla suspended its California plant for 2 days as a result of “parts shortages.”

“We believe China and Europe were particularly robust this quarter,” mentioned Dan Ives, an analyst at Wedbush. He expects Tesla’s annual gross sales to exceed 850,000 automobiles this 12 months, fueled by the Biden administration’s coverage of boosting EV gross sales and by rising international demand.

Tesla delivered 182,780 Model 3/Ys in the primary quarter, up 13 p.c from the earlier quarter. In distinction, deliveries of pricier S/Xs slumped from 18,920 to 2,020 through the interval, forward of mannequin refreshes.

Gerber Kawasaki CEO Ross Gerber mentioned gross sales declines of the extra worthwhile vehicles would result in weaker margins for Tesla in the primary quarter, however he forecast “blowout” outcomes for the second quarter.

Other automakers like General Motors on Thursday reported a rebound in first-quarter US gross sales from a coronavirus-induced stoop final 12 months, however volumes had been capped by a worldwide chip shortage that pressured many corporations to chop manufacturing.

Tesla has develop into probably the most helpful auto firm in the world by far, regardless of manufacturing that may be a fraction of rivals comparable to Toyota Motor Corp, Volkswagen AG and GM.

© Thomson Reuters 2021

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