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


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

“This was an exceptionally difficult quarter due to supply chain disruptions and China zero Covid policy,” CEO Elon Musk tweeted Saturday† “Excellent work by the Tesla team and key suppliers saved the day.”

Tesla reported that it produced 305,407 vehicles and delivered 310,048 vehicles in the first quarter. The vast majority of vehicles produced and delivered 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.

Delivery figures were in line or ahead of analysts’ expectations, depending on the group surveyed. Analysts polled by Refinitiv showed expectations of 308,836 vehicle deliveries, while those polled by Factset expected 317,000. However, production was slightly down from 305,840 in the previous quarter due to plant closures and supply chain issues.

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

Tesla has managed to scale up its production compared to the same quarter last year when new factories came online. In the first quarter of 2021, Tesla produced just over 180,000 vehicles and delivered nearly 185,000 vehicles. Production should continue to soar as Tesla’s new factory in Berlin opens.

Tesla also said on Saturday that it will report its first quarter results on April 20 after the market closes. A live Q&A with Tesla management will follow at 5:30 PM ET.

This post Tesla delivers record number of EVs in ‘exceptionally’ difficult quarter – TechCrunch was original published at “https://techcrunch.com/2022/04/02/tesla-delivers-record-number-of-evs-in-exceptionally-difficult-quarter/”


Please enter your comment!
Please enter your name here