Tesla sales jumped in first quarter, bucking industry trend

AUSTIN, Texas >> Tesla delivered 310,000 automobiles within the first quarter, up roughly 68% from the identical interval in 2021, the corporate mentioned Saturday.

However the corporate’s gross sales had been barely under expectations, which had been on the lookout for Tesla to provide 312,000 vehicles, in line with Wedbush Securities. But the gross sales enhance got here at the same time as Tesla battled a world scarcity of laptop chips and different elements.

The Austin, Texas, maker of electrical automobiles and photo voltaic panels introduced its manufacturing and supply outcomes on Saturday. The outdated quarterly supply document of 308,600 automobiles was set only one quarter in the past, from October by means of December of 2021. Tesla delivered 185,000 automobiles within the first quarter of final 12 months.

The world laptop chip scarcity has bedeviled almost all automakers, however Tesla appears to have handled the shortages higher than the remainder of the business. Wedbush analysts mentioned they imagine 20,000 to 25,000 gross sales that might have occurred within the first quarter have now been pushed into the second quarter as a result of provide and logistics points.

“We remain steadfastly bullish on the Tesla story and believe when factoring in all the manufacturing headwind dynamics this was a modestly bullish print,” Wedbush analysts mentioned in a word.

Last 12 months the corporate delivered a document 936,000 automobiles, an 87% enhance over 2020 numbers.

The firm mentioned in February that it expects 50% annual development in gross sales, which means it expects about 1.4 million automobiles to be delivered this 12 months. But on a convention name with analysts, CEO Elon Musk mentioned the chip scarcity would cease the corporate from rolling out any new fashions this 12 months.

Earlier this week, Morgan Stanley Analyst Adam Jonas wrote in an investor word that he anticipated 320,000 to 325,000 deliveries from January by means of March, greater than most analysts.

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

Tesla shares closed Friday at $1,084.59.

The firm opened its new manufacturing facility in Germany late within the first quarter, and final 12 months it began constructing the Model Y small SUV at a brand new manufacturing facility close to Austin, Texas.

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