In the first quarter, Tesla produced just over 180,000 vehicles and delivered nearly 185,000 vehicles.
Tesla reported first-quarter vehicle production and delivery numbers for 2021. In total, it delivered 184,800 vehicles and produced 180,338 cars.
Analysts were expecting Tesla to deliver around 168,000 vehicles during this period, according to estimates compiled by FactSet as of April 1. Estimates ranged from 145,000 to 188,000 deliveries.
Production | Deliveries | Subject to operating lease accounting | |
Model S/X | - | 2,020 | 6% |
Model 3/Y | 180,338 | 182,780 | 7% |
Total | 180,338 | 184,800 | 7% |
All of the electric vehicles it produced were Model 3 sedans
and Model Y crossover SUVs during the quarter, and it didn't produce any of its
more expensive Model S sedans and Model X SUVs.
It delivered 2,020 Model S and Model X vehicles from
inventory, however representing just 1% of its total deliveries. In a statement,
Tesla wrote that with "new equipment installed and tested in Q1" the
company is now "in the early stages of ramping production" for
updated versions of the S and X.
Tesla's operations during the quarter ending March 31, 2021,
were impacted by a fire at its Fremont, California factory, temporary closures
that CEO Elon Musk attributed to parts shortages, a broader chip shortage in
the industry, port capacity issues and the ongoing pandemic.
Tesla's latest delivery numbers represented more than a 100%
increase from the same period last year when the company first began deliveries
and volume production of Model Y. However, Tesla Q1 deliveries increased by
just over 2% from the quarter ending 2020 when Tesla delivered 180,570
vehicles.
Deliveries are the closest approximation to sales numbers
reported by Tesla.
During the company's most recent earnings call, CFO Zachary
Kirkhorn said that in 2021: "Specifically for Q1, our volumes will have
the benefit of early Model Y ramp in Shanghai. However, S and X production will
be low due to the transition to the newly re-architected products."
At an annual shareholder meeting in 2020, CEO Elon Musk told
shareholders he expected deliveries to hit an implied range between 477,750 and
514,500 cars for the year. Tesla hit the mid-range of that window, delivering
499,550 cars for the year, its best sales volume to date.
Musk and Kirkhorn declined to give specific guidance for
2021 deliveries during that call but said they would offer more clarity during
the second quarter. Kirkhorn said on the call: "We continue to expect a
long-term volume CAGR of 50%, of which we may materially exceed this in
2021." This goal was reiterated by Tesla's then-President of Automotive
Jerome Guillen on the same call. (Guillen has moved into the role of President
of Heavy Trucking since then.)
Fans and critics will both be watching to see whether new
battery electric vehicles hitting the market will begin to erode Tesla's lead
in the category, or take away more from sales of internal combustion engine and
hybrid vehicles. Startups and big automakers alike are introducing more EV
models than ever before.
On March 29, Jeffries reduced its price target for Tesla
from $775 to $700, with analyst Philippe Houchois writing in a note:
"Legacy-free 30-50% net growth and 2-digit margin
potential still support high multiples but Tesla is no longer unique as an EV
play with preferred access to capital. Some of the edge started to erode, but
only slowly and Tesla still leads on multiple fronts, from software to
design-to-manufacture, speed of execution and direct selling."
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