Tesla Sets Record with New Deliveries
On Friday, Tesla Inc delivered great news to Wall Street and its investors with a record-breaking sales report. The leading electric vehicle company said that it posted record deliveries for the quarter stretching from January through March. Tesla reported that it delivered 184,800 vehicles over the first quarter.
The number of deliveries beat the Wall Street estimates of 177,822 vehicles, surprising investors who had predicted that the global shortage of vehicle parts could potentially cause sales to slide. Fortunately for Tesla, the continued strong demand for its products offset the negative contributing factors.
Tesla credits the positive reception of the Model Y in China for its strong sales report.
In addition, the company is rapidly ramping up its production capacity after having to dial it back over the last year. Tesla is riding the benefits of building its first overseas factory in Shanghai in 2019. Production of the Model Y began in Shanghai in late 2020, helping to spur demand in China.
The company also said that the Model S and Model X have been well received throughout the world, helping to boost sales.
Tesla’s previous record for deliveries was 180,570, set in the last quarter of 2020. These new numbers are despite the Fremont, California, plant being forced to close for two days in February due to a shortage in parts.
The company continues its streak as the most valuable automotive manufacturer in the world. Although production numbers of auto giants such as Toyota Motor Corp and General Motors Co exceed Tesla by a wide margin, there is no disputing the value of this electric car behemoth.