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Tesla's first-quarter deliveries break previous record, beat expectations

Stock Markets Apr 03, 2021 12:31AM ET
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© Reuters. FILE PHOTO: A Tesla logo on a Model S is photographed inside of a Tesla dealership in New York

(Reuters) - Tesla (NASDAQ:TSLA) Inc on Friday posted record deliveries for the January to March quarter, beating Wall Street estimates, as solid demand for less expensive models offset the impact of a global shortage of parts.

"We are encouraged by the strong reception of the Model Y in China and are quickly progressing to full production capacity," Tesla said in a statement.

"The new Model S and Model X have also been exceptionally well received ... and we are in the early stages of ramping production," it added.

Tesla's Shanghai factory started production of the Model Y late last year in the key market where it already produces Model 3 sedans. In February, Tesla's China sales jumped from the previous month even as demand usually falls during China's Lunar New Year holidays which occurred that month.

The electric-car maker delivered 184,800 vehicles globally during the first quarter, above estimates of 177,822 vehicles, according to Refinitiv data.

This also exceeds its previous record of 180,570 achieved last quarter.

In February, Tesla suspended its California plant for two days due to "parts shortages."

"We believe China and Europe were particularly robust this quarter," said Dan Ives, an analyst at Wedbush. He expects Tesla's annual sales to exceed 850,000 vehicles this year, fueled by the Biden administration's policy of boosting EV sales and by rising global demand.

Tesla delivered 182,780 Model 3/Ys in the first quarter, up 13% from the previous quarter. In contrast, deliveries of pricier S/Xs slumped from 18,920 to 2,020 during the period, ahead of model refreshes.

Gerber Kawasaki CEO Ross Gerber said sales declines of the more profitable cars would lead to weaker margins for Tesla in the first quarter, but he forecast "blowout" results for the second quarter.

Other automakers like General Motors Co (NYSE:GM) on Thursday reported a rebound in first-quarter U.S. sales from a coronavirus-induced slump last year, but volumes were capped by a global chip scarcity that forced many companies to cut production.

Tesla has become the most valuable auto company in the world by far, despite production that is a fraction of rivals such as Toyota Motor (NYSE:TM) Corp, Volkswagen AG (OTC:VWAGY) and GM.

Tesla's first-quarter deliveries break previous record, beat expectations
 

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Comments (21)
ravindran kvr
ravindran kvr Apr 05, 2021 12:03PM ET
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hffh
Fred Smith
Fred Smith Apr 04, 2021 2:46PM ET
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So how much $ did Tesla lose in America? Billions except for tax subsidies.
Narshimha Murthy
Narshimha Murthy Apr 03, 2021 11:57PM ET
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tesla fell down because, due to speedup to ascent
Bret Lafrance
Bret Lafrance Apr 03, 2021 5:43PM ET
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Tesla Produces less than 1% of total cars sold, yet market cap exceeds all others combined, foolish people.
President Xi Jinping
President Xi Jinping Apr 02, 2021 7:01PM ET
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Go tesla! Lead the way to a future of futuristic power and electricity. Lets get rid of these fossils.
apostolos sideris
apostolos sideris Apr 02, 2021 2:30PM ET
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we know the number of car deliveries.what about the money they mafe?
Joonas Pukkila
Joonas Pukkila Apr 02, 2021 2:30PM ET
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in about 3 weeks
Johnny Crash
Johnny Crash Apr 02, 2021 2:30PM ET
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Non-existent, they don't make money, look at their P/E
Peter ONeill
Peter ONeill Apr 02, 2021 1:26PM ET
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China learning from Tesla how to make EV - they did the same with smartphones and chips in the early 2000s. Learn, grow the industry know-how and then close off that industry to allow domestic players take over. China plays a long-term game as not interested in short-term profits. Can honestly see China do the same here - slowly taking rights and market share away from Tesla in China while promoting Nio, Xpeng, Xiaomi, Baidu etc. If that happens - away goes 25-40% of Tesla's growth and market cap in seconds.
President Xi Jinping
President Xi Jinping Apr 02, 2021 1:26PM ET
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Pretty sure tesla will be fine. There is an entire world market. If you keep that in perspective china is not really that big of a deal, and china citizens still would buy american cars if they can afford itz
John Ehrensberger
John Ehrensberger Apr 02, 2021 12:58PM ET
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Also Ford produced 14,805 of the Mach E's. Then ONLY delivered 6,614. Ford and GM done. By the end of 2021 Tesla might deliver 1.2 million vehicles 💹
Robert Cox
Robert Cox Apr 02, 2021 12:58PM ET
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Maybe half that number, if TSLA is lucky.
President Xi Jinping
President Xi Jinping Apr 02, 2021 12:35PM ET
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American companies and capital king of the world as always! Well done.
President Xi Jinping
President Xi Jinping Apr 02, 2021 12:31PM ET
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Well done Tesla! The world is jealous of your success. Obviously you are on the right path!
Amine Fourali
Amine Fourali Apr 02, 2021 12:31PM ET
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You think you can pump the stock with your comment. Tesla is already fairly valued....
Gerald Mejias Rod
Gerald Mejias Rod Apr 02, 2021 12:31PM ET
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Amine Fourali cute.. dido
 
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