Tesla reported Saturday that it delivered more than 305,000 electric vehicles in the first quarter, a record-breaking figure that was inline with analyst expectations even as production suffered due to supply chain constraints and COVID-related factory shutdowns.
“This was an exceptionally difficult quarter due to supply chain interruptions & China zero Covid policy,” CEO Elon Musk tweeted Saturday. “Outstanding work by Tesla team & key suppliers saved the day.”
Tesla reported that it produced 305,407 vehicles and delivered 310,048 vehicles in the first quarter. The vast majority of vehicles produced and delivered were Model Y and Model 3 vehicles. Tesla delivered 295,324 Model Y and Model 3 vehicles. It delivered 14,724 Model S and Model X vehicles.
The delivery figures were in line or beat analysts expectation depending on the polled group. Analysts surveyed by Refinitiv showed expectations of 308,836 vehicle deliveries while those polled by Factset anticipated 317,000. However, production was down slightly from 305,840 in the previous quarter due to factory shutdowns and supply chain issues.
Tesla’s first-quarter delivery and production report comes amid increasing pressure in China where a surge in COVID-19 cases has prompted the government to issue lockdowns. Tesla idled production at its factory Shanghai twice in March. Tesla’s Gigafactory Shanghai produces about 2,000 vehicles daily, mostly Model Ys and Model 3s for Chinese consumers and the European market.
Tesla has managed scaled its production compared to the same quarter last year as new factories come online. In the first quarter of 2021, Tesla produced just over 180,000 vehicles and delivered nearly 185,000 vehicles. Production should continue to ramp now that Tesla’s new factory in Berlin has opened.
Tesla also said Saturday that it will report first-quarter earnings April 20 after market closes. A live Q&A with Tesla management will follow at 5:30 pm ET.