Tesla deliveries zoom past Wall Street expectations
Electric-car maker delivered 184,400 vehicles in Q1
Tesla Inc.’s first-quarter deliveries outpaced Wall Street estimates in the face of supply-chain issues caused by COVID-19.
The Palo Alto, California-based electric-car maker delivered 184,400 vehicles in the three months through March, exceeding the 177,822 vehicles that analysts surveyed by Refinitiv were expecting. There were 180,338 vehicles produced during the quarter.
Nearly 99%, or 182,780, of the deliveries were Model 3 and Model Y vehicles. The remaining 2,020 deliveries were either Model S or Model X vehicles.
These were “drop the mic” delivery numbers, wrote Dan Ives, an analyst for New York-based Wedbush Securities.
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He noted that Wall Street had lowered expectations for the quarter due to the chip shortages and related production issues.
The electric-car maker dealt with production stoppages due to a fire at its Freemont, California, factory, as well as parts shortages and port delays that were caused by the pandemic.
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Shares did not react to the news as U.S. markets are closed for Good Friday. They were down 6.22% this year through Thursday, underperforming the S&P 500’s 7.02% gain.
Tesla is set to report its first-quarter results on April 28.