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.
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.
Skyrocketing gas prices spurred by the
Ukraine crisis is expected to fuel demand for electric cars, but lack of
inventory and higher vehicle prices would weigh on sales, analysts said.
Tesla in March raised prices in China and
the United States after Musk said the U.S. electric carmaker was facing
significant inflationary pressure in raw materials and logistics after Russia's
invasion of Ukraine.
"Impressive (deliveries) given all the
headwinds," Gene Munster, managing partner at venture capital firm Loup
Ventures, said, adding he expected Tesla to continue outperforming other
automakers in sales growth.
Toyota and GM, Hyundai Motor on Friday
reported lower first-quarter U.S. sales than a year earlier.
Musk said in October that Shanghai had
surpassed its Fremont, California factory - the company's first plant - in
output. The two factories are critical for Tesla's goal to boost deliveries by
50% this year, as production at its new factories are expected to ramp up
slowly in their first year.
Tesla started delivering vehicles made at
its factory in Gruenheide, Germany, in March and deliveries of cars made at its
plant in Austin, Texas, were to begin in the near future.
The company's stock soared after Tesla this
week revealed plans to seek investor approval to increase its number of shares
to enable a stock split. read more Tesla shares have risen about 3% so far this
year, while GM and Ford shares have declined.