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Tesla reports record quarterly deliveries

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Tesla posted record deliveries for the January to March quarter, beating Wall Street estimates, as solid demand 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 on Friday.

“The new Model S and Model X have also been exceptionally well received, with the new equipment installed and tested in Q1 and we are in the early stages of ramping production,” it added.

The company doesn’t break out sales by geography, but the U.S. and China are its largest markets and the bulk of sales were of the Model 3 and Y.

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Tesla is scheduled to open its first European factory this summer, outside of Berlin, and will build the Model Y crossover there.

Tesla built its first overseas factory in Shanghai in 2019, and started production of the Model Y there late last year.

The quarterly delivery figure is widely seen as a barometer of demand for both Tesla’s vehicles and consumer interest in electric vehicles worldwide as legacy automakers roll out electric cars of their own. 

The electric-car maker delivered 184,800 vehicles during the first quarter, above estimates of 177,822 vehicles, according to Refinitiv data. The previous record was 180,570, achieved last quarter.

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Tesla’s total production in the first quarter rose marginally to 180,338 vehicles compared with the fourth-quarter production of 179,757 vehicles.

Tesla’s Fremont, California, plant was also shut down for two days in February due to “parts shortages.”

Tesla has become the most valuable auto company in the world by far, despite production that is a fraction of rivals such as Toyota, Volkswagen and GM, although its shares are down 6 percent this year. 

Bloomberg and Reuters contributed to this report

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