Tesla sells 310,000 vehicles in 1Q, despite logistics issues
AUSTIN, Texas — Tesla delivered 310,000 vehicles in the first quarter, up roughly 68% from the same period in 2021, the company said Saturday.
However the company’s sales were slightly below expectations, which were looking for Tesla to produce 312,000 cars, according to Wedbush Securities. The sales growth was despite the fact that there was a global shortage in computer chips and other parts. The Austin, Texas-based maker of solar panels and electric vehicles announced its production and delivery results Saturday. The old quarterly delivery record of 308,600 vehicles was set just one quarter ago, from October through December of 2021. Tesla delivered 185,000 vehicles in the first quarter of last year. The global shortage of computer chips has afflicted nearly all automakers. However, Tesla seems to have done better than the rest. Wedbush analysts said they believe 20,000 to 25,000 sales that would have happened in the first quarter have now been pushed into the second quarter due to supply and logistics issues. We remain steadfastly bullish about the Tesla story and believe that when you factor in all the manufacturing headwind dynamic this was a modestly bearish print,” Wedbush analysts stated in a note.
Last year the company delivered a record 936,000 vehicles, an 87% increase over 2020 numbers.
Earlier this week, Morgan Stanley Analyst Adam Jonas wrote in an investor note that he expected 320,000 to 325,000 deliveries from January through March, more than most analysts. Given the extraordinary supply chain pressures and Tesla’s ongoing significant price rises, we believe that a path to (full-year) deliveries of more than 1.4 million units would prove to be impressive but, in our minds, it would be difficult in isolation to move stock from here.” Jonas wrote.
Tesla shares closed Friday at $1,084.59. The company opened its factory in Germany in the second quarter. Last year, it began building the Model Y small SUV in a new factory near Austin.
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