Tesla reports 180,338 vehicles produced, 184,800 delivered in first quarter of 2021

Tesla Model 3

Offer: Tesla

Tesla merely reported first-quarter vehicle manufacturing and transport numbers for 2021. In total, it delivered 184,800 automobiles and produced 180,338 automobiles.

Analysts were watching for Tesla to ship around 168,000 automobiles at some level of this period, in accordance with estimates compiled by FactSet as of April 1. Estimates ranged from 145,000 to 188,000 deliveries.

All of the electric automobiles it produced were Model 3 sedans and Model Y crossover SUVs, though it additionally delivered 2,020 Model S sedans and Model X SUVs.

Tesla’s operations at some level of the quarter ending March 31, 2021, were impacted by a fireplace at its Fremont, California factory, non everlasting closures that CEO Elon Musk attributed to parts shortages, a broader chip shortage within the industry, port capability concerns and the continuing pandemic.

Proper through the same period a year within the past, with the unconventional coronavirus spreading the sector, Tesla reported it produced 102,672 automobiles and delivered 88,400 automobiles. Production of its crossover SUV, the Tesla Model Y, had started in earnest as of January closing year, with deliveries taking off in March 2020.

For the time being, Model 3 and Model Y deliveries — the closest approximation to gross sales numbers reported by Tesla — amounted to about 86% of total deliveries. Including the Model Y to its menu, and manufacturing at its Shanghai plant, the first plant built exterior of California, helped Tesla develop gross sales by about 36% in 2020 versus 2019.

Proper through the firm’s most most up-to-the-minute earnings name, CFO Zachary Kirkhorn acknowledged that in 2021: “Particularly for Q1, our volumes will have the finest thing about early Model Y ramp in Shanghai. However, S and X manufacturing will be low attributable to the transition to the newly re-architected merchandise.”

At an annual shareholder assembly in 2020, CEO Elon Musk told shareholders he expected deliveries to hit an implied vary between 477,750 and 514,500 automobiles for the year. Tesla hit the mid-vary of that window, turning in 499,550 automobiles for the year, its handiest gross sales volume to date.

Musk and Kirkhorn declined to present particular guidance for 2021 deliveries at some level of that name however acknowledged they would per chance offer extra clarity at some level of the second quarter. Kirkhorn acknowledged on the resolution: “We continue to ask a long-time period volume CAGR of 50%, of which we can also merely materially exceed this in 2021.” This aim changed into as soon as reiterated by Tesla’s then-President of Automobile Jerome Guillen on the same name. (Guillen has moved into the feature of President of Heavy Trucking since then.)

Fans and critics alike will be watching to examine out whether unique battery electric automobiles hitting the market will open to erode Tesla’s lead within the category, or rob away extra from gross sales of within combustion engine and hybrid automobiles. Startups and mountainous automakers alike are introducing extra EV models than ever forward of.

On March 29, Jeffries reduced its mark aim for Tesla from $775 to $700, with analyst Philippe Houchois writing in a demonstrate:

“Legacy-free 30-50% salvage enhance and a pair of-digit margin seemingly mute strengthen excessive multiples however Tesla is now no longer unique as an EV play with most standard secure entry to to capital. Doubtless the most most threshold started to erode, however handiest slowly and Tesla mute leads on a couple of fronts, from tool to electrify-to-impact, flee of execution and articulate promoting.”

— CNBC’s Jordan Novet contributed reporting.

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