Tesla reported Saturday that it delivered more than 305,000 electric vehicles in the first quarter, a record number in line with analyst expectations even as production took a hit due to the restrictions of the company. supply chain and COVID-related factory closures.
“This is a especially difficult quarter due to supply chain disruptions and China’s zero Covid policy,” CEO Elon Musk tweeted on Saturday. “The outstanding work of the Tesla team and key suppliers helped save the day.”
Tesla reported that it produced 305,407 cars and delivered 310,048 vehicles in the first quarter. The majority of vehicles produced and delivered were Model Y and Model 3 vehicles. Tesla delivered 295,324 Model Y and Model 3 vehicles. It delivered 14,724 Model S and Model X vehicles.
The delivery figures match or beat analysts’ expectations depending on the group polled. Analysts surveyed by Refinitiv showed expectations of 308,836 vehicles delivered while those polled by FactSet predicted 317,000. However, output fell slightly from 305,840 in the previous quarter due to factory shutdowns and supply chain issues.
Tesla’s first-quarter production and deliveries report comes amid growing pressure in China, where a spike in COVID-19 cases prompted the government to issue a lockdown. Tesla production without load at its factory Shanghai twice in March. Tesla’s Gigafactory Shanghai produces about 2,000 vehicles per day, mainly Model Y and Model 3 for Chinese consumers and the European market.
Tesla has managed to scale its production compared to the same period last year when the new factories came online. In the first quarter of 2021, Tesla produced just over 180,000 vehicles and delivered nearly 185,000 vehicles. Production will continue to ramp up now that Tesla’s new factory in Berlin has opened.
Tesla also said Saturday that it will report first-quarter earnings on April 20 after the market closes. Live Q&A with Tesla management will take place at 5:30 p.m. ET.