Tesla on Saturday said it delivered more than 305,000 electric vehicles in the first quarter, a record number that was in line with analysts’ expectations even as production suffered due to supply chain constraints and coronavirus-related factory closures. COVID.
” It was a exceptionally difficult quarter due to supply chain disruptions and China’s zero Covid policy,” CEO Elon Musk tweeted on Saturday. “Exceptional work by the Tesla team and key suppliers saved the day.”
Tesla said 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 with or above analysts’ expectations according to the group surveyed. Analysts polled by Refinitiv showed expectations of 308,836 vehicle deliveries while those polled by Factset forecast 317,000. However, production fell slightly 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 rise in COVID-19 cases has prompted the government to impose lockdowns. Tesla halted production at its Shanghai factory twice in March. The Tesla Gigafactory in Shanghai produces about 2,000 vehicles per day, mainly Model Y and Model 3 for Chinese consumers and European market.
Tesla managed to increase production compared to the same quarter last year with the commissioning of new factories. In the first quarter of 2021, Tesla produced just over 180,000 vehicles and delivered nearly 185,000 vehicles. Production is expected to continue to soar now that Tesla’s new factory in Berlin has opened.
Tesla also said on Saturday it would release its first-quarter results on April 20 after the market closes. A live Q&A with Tesla management will follow at 5:30 p.m. ET.