Tesla vehicle: Tesla sells 310,000 vehicles in 1Q, despite logistics issues

Austin, Texas; Tesla delivered 310,000 vehicles in the first quarter, the company said on Saturday, up about 68% from the same period in 2021.

However, the company’s sales were slightly lower than expected, which was looking for Tesla to produce 312,000 cars, according to Wedbush Securities. But sales growth came even as Tesla struggled with global shortages of computer chips and other parts.

Austin, Texas, a maker of electric vehicles and solar panels, announced its production and delivery results on Saturday. The old quarterly delivery record of 308,600 vehicles was set from October to December 2021, a quarter earlier. Tesla delivered 185,000 vehicles in the first quarter of last year.

Global computer chip shortages have plagued nearly all automakers, but Tesla seems to have dealt with the shortcomings better than the rest of the industry. Analysts at Wedbush said they believe the 20,000 to 25,000 sales that were due in the first quarter have now been pushed into the second quarter due to supply and logistics issues.

“We remain bullish on the Tesla story and believe it was a modestly bullish print when factoring in all manufacturing headwind dynamics,” Wedbush analysts said in a note.

Last year the company delivered a record 936,000 vehicles, an 87% increase over the 2020 numbers.

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The company said in February that it expects a 50% annual growth in sales, meaning it expects to deliver around 1.4 million vehicles this year. But on a conference call with analysts, CEO Elon Musk said that chip shortages would prevent the company from rolling out any new models this year.

Earlier this week, Morgan Stanley analyst Adam Jonas wrote in an investor note that he expected 320,000 to 325,000 deliveries from January to March, which is higher than most analysts.

Jonas wrote, “Given the extraordinary supply chain pressures and Tesla’s continued significant price increases, we believe the path to more than 1.4 million units (full year) of deliveries will be impressive, but in our mind, the stock will continue to grow.” It’s hard to move from here,” Jonas wrote. ,

Tesla shares closed Friday at $1,084.59.

The company opened its new factory in Germany at the end of the first quarter, and last year it began manufacturing the Model Y small SUV at a new factory near Austin, Texas.

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