Tesla, Inc. announced this morning that it delivered 310,048 vehicles in the first quarter of 2022, marking a new three-month delivery record.
“In the first quarter, we produced more than 305,000 vehicles and delivered more than 310,000 vehicles, despite ongoing supply chain challenges and plant closures,” Tesla said in its statement. “Tesla will release its first quarter 2022 financial results after market close on Wednesday, April 20, 2022. At that time, Tesla will issue a brief notice containing a link to the first quarter 2022 update, which will be available at Tesla’s Investor Relations Site Tesla management will host a live Q&A webcast that day at 4:30 p.m. Central (5:30 p.m. Eastern) to discuss financial results and outlook and business of the company.
Tesla said its Model 3 and Model Y had 295,324 total deliveries. The Model S and Model X accounted for the automaker’s remaining 14,724 deliveries in the first quarter of 2022. Tesla does not specify how many of each individual vehicle model it delivered in the first quarter.
The amount of all-electric cars Tesla delivered in the first quarter exceeded estimates by twelve analysts polled by Bloomberg yesterday. Analysts said Tesla will deliver 309,158 vehicles worldwide from its three active production sites. Tesla currently manufactures the Model S, 3, X and Y in Fremont, California. Internationally, Tesla’s factory in Shanghai produces the Model 3 and the Model Y, while its brand new factory in Germany, known as Gigafactory Berlin, builds the Model Y.
Despite a lagging auto sector, Tesla managed to defy all predictions and post substantial year-over-year growth. A report of TrueCar published earlier this week detailed Tesla’s importance in the struggling US auto market, as it was the only company to establish a positive growth rate from February 2022 compared to March 2021. Tesla recorded an increase 93.2% of vehicle sales over the period, while other major automakers all posted losses of at least 5.9%. Ford posted a substantial loss of 27.6%, GM a loss of 16.5% and Volkswagen the biggest drop at 44.3%.
Tesla remarkably delivered a spirited performance in the first quarter despite rising vehicle prices due to “inflationary pressure”. CEO Elon Musk said Tesla and SpaceX are both feeling the pinch of inflation, which will affect the price of its products. Tesla upped vehicles in its line up to $12,500, but customers couldn’t stay away. In fact, Tesla has seen its order volume increase by 100% in parts of the United States due to soaring gas prices.
Tesla is set to deliver 1,000,000 cars in a year for the first time in its history. Coming closer in 2021 with more than 936,000 deliveries between Fremont and Shanghai, Tesla is already about a third of the way there in 2022. With Gigafactory Berlin starting deliveries and Gigafactory Texas getting closer to getting its first cars to customers, Tesla is ready to easily deliver 1,000,000 vehicles with the four factories operational. However, there could be some unexpected issues related to production stoppages as the Shanghai factory took a brief hiatus in manufacturing operations. The plant was to resume manufacturing on April 2.
Disclosure: Joey Klender is a shareholder of TSLA.
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