Tesla sells 310,000 vehicles in Q1, despite logistical problems

AUSTIN, Texas (AP) — Tesla delivered 310,000 vehicles in the first quarter, up about 68% from the same period in 2021, the company said Saturday.

However, the company’s sales were slightly below expectations, which had hoped Tesla would produce 312,000 cars, according to Wedbush Securities. But the sales surge came even as Tesla battled a global shortage of computer chips and other parts.

The Austin, Texas-based electric vehicle and solar panel maker announced production and delivery results on Saturday. The old quarterly delivery record of 308,600 vehicles was set just a quarter ago, from October to December 2021. Tesla delivered 185,000 vehicles in the first quarter of last year.

The global shortage of computer chips has plagued nearly every automaker, but Tesla appears to have handled the shortages better than the rest of the industry. Wedbush analysts said they believe 20,000 to 25,000 sales that would have taken place in the first quarter have now been pushed back into the second quarter due to supply and logistics issues.

“We remain firmly bullish on Tesla’s story and believe that taking into account all manufacturing dynamics, this was a slightly bullish impression,” Wedbush analysts said in a note.

Last year, the company delivered a record 936,000 vehicles, an 87% increase on 2020 figures.

The company said in February that it expects 50% annual growth in sales, meaning it expects around 1.4 million vehicles to be delivered this year. But on a conference call with analysts, CEO Elon Musk said chip shortages will prevent the company from rolling out new models this year.

Earlier this week, Morgan Stanley analyst Adam Jonas wrote in a note to investors that he expected 320,000 to 325,000 shipments from January through March, more than most analysts.

“Given the extraordinary supply chain pressures and Tesla’s continued significant price increases, we believe a path to (full-year) shipments of more than 1.4 million units would be impressive, but in our minds it would be difficult to move the stock from here in isolation,” Jonas wrote. .

Shares of Tesla closed Friday at $1,084.59.

The company opened its new plant in Germany late in the first quarter and last year began building the Model Y small SUV at a new plant near Austin, Texas.

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