May 25, 2022

Tesla said Saturday that it shipped more than 305,000 electric vehicles in the first quarter, a record figure that was in line with analysts’ expectations, even as manufacturing supply chain restrictions and COVID-related plant closures loomed large.

“It was extraordinary Tough quarter due to supply chain disruptions and zero COVID policy in China.” CEO Elon Musk tweeted on Saturday.I said “great work by the Tesla team and key suppliers saved the day.”

Tesla said it made 305,407 vehicles in the first quarter and delivered 310,048 vehicles. Most of the vehicles produced and delivered were Model Y and Model 3 vehicles. Tesla delivered 295,324 Model Y and Model 3 vehicles. 14,724 Model S and Model X vehicles were delivered.

Distribution figures met or exceeded analysts’ expectations, depending on the group surveyed. Analysts polled by Refinitiv said they expected delivery of 308,836 vehicles, while analysts polled by FactSet expected delivery of 317,000 vehicles. However, production was slightly lower in the previous quarter at 305,840 due to plant closures and supply chain issues.

Tesla’s first-quarter supply and production reports come amid mounting pressure in China, where a high number of COVID-19 cases have prompted the government to impose a lockdown. In March, Tesla stopped production twice at its Shanghai plant. Tesla Gigafactory in Shanghai Produces about 2,000 vehicles a day for Chinese consumers and the European market, mainly Model YS and Model 3S.

Tesla has been able to increase production compared to the same quarter last year when new factories were put into operation. In the first quarter of 2021, Tesla produced just over 180,000 vehicles and delivered about 185,000 vehicles. Production should continue to rise as Tesla’s new factory opens in Berlin.

Tesla also said on Saturday that it will release its first-quarter results on April 20, after the market closes. A live Q&A session with Tesla executives will take place at 5:30 pm ET.

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