Delivery doubles: Tesla first quarter sales growth | Automotive Industry News

Tesla’s demand for relatively expensive electric vehicles is high, despite the Carnavirus epidemic.

Tesla said in the first quarter it delivered about 185,000 electric cars despite a lack of computer chips that hurt the auto industry worldwide.

Delivery more than doubled for the same period last year. And it lost Wall Street estimates to 168,000 between March and January. The company said in a statement that the Chinese model Y small SUV has been highly praised.

Tesla did not list any production figures for its older models, the S sedan and X SUV during the quarter, but it did supply more than 2,000 of them. It said new equipment had been installed at its factory in Fremont, California, and that work on a new version was in its infancy.

Despite the strong sales coronavirus epidemic, the company’s demand for relatively expensive vehicles remains strong. Analysts estimate that the average selling price of a Tesla is $ 49,100.

Shares of Tesla Inc. have fallen more than 9 percent this year as some sought after electric cars and tech stocks closed, which was a big experience last year. The stock fell one percent to $ 661.75 on Thursday. Markets are closed for the holidays on Good Friday.

Tesla sold just under 500,000 vehicles last year, a target set by CEO Elon Musk just missing. The company did not provide much guidance for this year’s sales figures.

Wadebush analyst Dan Ives called the first-quarter numbers a “jaw-dropper” and a huge home run in the eyes of bullish investors. “We believe that the quarter and Europe were particularly strong this quarter because trajectory now exceeds 850k for the year at Musk & Co. which is better than the whisper expectations,” he wrote on Friday.

Model 3 small cars and Model Y California Palo Alto, responsible for almost all of the company’s first-quarter sales. Tesla says it has sold a combined 182,780 of both models.

Ives writes that analysts had expected more than 12,000 sales of the Model S and X with the Miss due to a lack of chips.

The company shut down most of Fremont’s production for several weeks in late February and early March, but saw strong sales. It didn’t say why, but perhaps the company ran the shortest of computer chips.

This week, US President Joe Biden announced ড 174 billion for spending on electric vehicle incentives and charging stations and growing global demand for electric vehicles, Ives wrote.

“It was a ruthless sale for Tesla and EVs, but we believe it will now be in the rearview mirror.”

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