Tesla Inc. topped Wall Street forecasts, posting record shipments from January to March as demand for lower-priced models increased and offset the impact of a global parts shortage.
In the first quarter, 184,800 electric car manufactures delivered worldwide and 177,822 cars, according to Refinitiv.
“The heavy acceptance of Model Y in China leads us to move rapidly to full production capability,” said Tesla in a statement. “The most recent models, the Model S, and X, were well received and the production phases are at the earliest stages of expansion. “
In February, a spare parts shortage forced Tesla to stop production at its California facility for two days.
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“This quarter, we think China and Europe will be especially stable,” said Dan Ives, a Wedbush analyst. He estimates Tesla’s annual sales will exceed 850,000 vehicles this year, driven by increased demand and the Biden government policy to increase sales of electric vehicles.
Tesla delivered 182,780 3 / Ys models in the first quarter, up 13% from the previous quarter. However, in the years leading up to the model’s revision from 18,920 to 2020, S/X shipments fell.
Ross Gerber, CEO of Gerber Kawasaki, said Tesla saw lower margins in the first quarter as sales of more profitable cars fell. According to Reuters, he expects “explosive” second-quarter results.
Tesla has evolved to become the world’s most profitable automotive maker, despite producing a fraction of what rivals like Toyota, Volkswagen, and GM do.