Tesla (TSLA) – Get Tesla Inc Report unveiled record first quarter deliveries Saturday, shifting more than 310,000 units, as the clean-energy carmaker avoided the worst of delays from its Covid-hit factory in Shanghai amid what CEO Elon Musk called an “exceptionally” difficult start to the year.
Tesla delivered 310,048 new cars over the three months ending in March, the company said in a statement, up 67.8% from last year but just 0.5% higher than the 308,600 reached in the final three months of last year. Analysts were looking for a total of around 313,000.
Production actually fell, however, to 305,407 vehicles compared to the 305,840 tally recorded over the final three months of last year, thanks in part to supply chain disruptions and Covid-related closures at its Shanghai factory.
Tesla shares closed at $1,084.59 each Friday in New York, after rising 0.65% on the session to extend the stock’s one-month gain to around 23.3% and push the stock into a modest 2.65% gain for the year.
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Tesla extended the shutdown of its Shanghai gigafactory last week amid a nine-day lockdown in China’s biggest city, with internal mems suggesting it won’t resume production until at least April 3.
Tesla sold around 116,360 China-made cars over the first two months of the year, according to official trade data, most of which were bound for export to markets in Europe and Asia, and it has largely absorbed the impact of the delayed opening of Tesla’s Berlin gigafactory and supply chain disruptions that have hindered production in California.
Tesla will also publish earnings for the three months ending in March on April 25.
Early indications suggest analyst are looking for revenues in the region of $17.57 billion, up 68.3% from last year and profits of around $2.24 per share.