Despite production constraints, Tesla had enough inventory to hit a new delivery record of 310,048 EVs for the first quarter of 2022.
Tesla (NASDAQ: TSLA) has reported a new delivery record of just over 310,000 vehicles for the first quarter of 2022. This feat came despite several challenges in the quarter, including supply chain issues and two separate shutdowns at Gigafactory Shanghai.
The general consensus was that Tesla would beat its Q1 delivery record. However, many doubted the electric vehicle (EV) company would break its all-time delivery record of 308,000 vehicles from Q1 2021. Part of a Tesla statement specifying vehicle production and delivery numbers for the first quarter of this year read:
“In the first quarter, we produced over 305,000 vehicles (305,407) and delivered over 310,000 (310,048) vehicles, despite ongoing supply chain challenges and factory shutdowns.”
Breakdown of Tesla Delivery Record
For the same period last year, Tesla produced 180,338 cars and made a delivery of 184,800 EV models. This means that Tesla recorded an increase of 68% in delivery for the first quarter of 2022. As it stands, the company’s production rate for Q1 2022 fell just shy of the record high 305,840 vehicles from the preceding quarter. However, Tesla’s inventory propelled it past its former all-time delivery record. Despite the odds, the EV company’s CEO Elon Musk acknowledged Tesla’s exceptional delivery performance. Musk further gave kudos to his company’s team and key suppliers for their efforts towards the development.
According to Tesla, its Model 3 and Model Y vehicles comprised 95%, or 295,324, of deliveries in the first quarter of 2022. In addition, the leading EV manufacturer also delivered 14,724 Model S and Model X electric vehicles for the same period.
Tesla Factories
So far, Tesla has handled the Covid-triggered and supply chain bottlenecks better than most of its rivals. In addition, the EV maker’s new Shanghai factory has been a key facilitator for increased production output. However, the recent spike in Covid cases in China weighed heavily on Tesla’s operations in the East Asian country. The Elon Musk-led firm had to suspend operations at the site for several days in March, and this month, due to the subsequent lockdowns. This stifled productivity and was the major cause of the drop in production for the first quarter.
Tesla ended up producing 4,641 fewer cars than it delivered for the quarter ended. In fact, Electrek estimates that Tesla may have produced up to 10,000 additional vehicles if there were no constraints.
Tesla also recently opened a new factory in Brandenburg, Germany, and officially commissioned it on March 22nd. The prominent EV maker also intends to organize a notable event at another new vehicle assembly plant in Austin, Texas. According to reports, Tesla is still in the process of building the plant, and the slated event will take place on April 7th.
TSLA Optics
Although Tesla delivered a better-than-expected number of vehicles, this still missed analysts’ estimates. According to FactSet, analysts expected deliveries of 317,000 vehicles for Q1 2022. However, the optics remain positive for Tesla stock (TSLA). This is because some indicators point to significant growth in the second half of the year. Tesla looks to ramp up production levels with its added factory sites. Besides, the company also has full-year guidance for 50% growth in 2022.
As of press time, TSLA was trading at $1,084.59.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
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