Tesla delivers over 1 million electric cars over past year

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FILE PHOTO: Tesla Motors CEO Elon Musk speaks next to the company's newest Model S during the Model S Beta Event held at the Tesla factory in Fremont, California October 1, 2011. REUTERS/Stephen Lam/File Photo

During the four-month period from April 2021 to March 2022, the firm delivered 1.06 million vehicles, including more than 310,000 vehicles in the first quarter of this year alone, which is a 67 percent increase over the same time last year. Despite this, according to FactSet statistics, the total fell short of experts’ projections of 317,000 vehicles sold. It is assumed that deliveries will be comparable to sales data disclosed by other manufacturers.

Although the company’s growth has slowed significantly in recent months (delivery volumes have increased by a negligible 0.4 percent since the fourth quarter of last year), it has maintained its market leadership position. In addition, the quantity of automobiles manufactured is somewhat lower than in the preceding three-month period (-0.1 percent). In a tweet, Tesla CEO Elon Musk wrote, “This was an incredibly challenging quarter owing to supply chain hiccups & China zero Covid policy,” alluding to the country’s rigorous health regulations. “Excellent effort by the Tesla team and key suppliers prevented a catastrophe.”

Tesla, on the other hand, continues to do better than its rivals, despite the fact that the whole vehicle industry is being impacted by supply chain bottlenecks. Comparing the first quarter of 2022 to the same time the previous year, Toyota’s North American sales fell 23.5 percent in volume and 26.3 percent in value, according to company figures. General Motors reported a profit of $1.7 billion for the three months ended December 31, down 38.7 percent from the same period in the previous year, while sales fell 10.5 percent to $33.6 billion, according to the company.

As the clean-energy automaker spared the worst of the delays from its Covid-affected production in Shanghai, CEO Elon Musk described the first three months of the year as “exceptionally challenging.” Tesla delivered more than 310,000 vehicles in the first quarter, setting a new record for the company. Tesla stated in a statement that it delivered 310,048 new cars for the three months ending in March, an increase of 67.8 percent over the same period last year but only a 0.5 percent increase over the 308,600 vehicles supplied during the last three months of last year. Analysts were anticipating a total of about 313,000.

Production, on the other hand, decreased to 305,407 cars from the 305,840 vehicles produced in the last three months of the previous year, owing in part to supply chain delays and Covid-related closures at the company’s Shanghai plant. Tesla shares finished at $1,084.59 per Friday in New York, after increasing 0.65 percent in the session to take the company’s one-month gain to around 23.3 percent and put the stock into a tiny 2.65 percent gain for the year. Tesla shares have gained approximately 23.3 percent in the last month.

As part of a nine-day lockdown in China’s most populous city, Tesla prolonged the suspension of its Shanghai gigafactory last week, with internal memos indicating that the company would not restart production until at least April 3.

According to official trade data, Tesla sold approximately 116,360 China-made vehicles in the first two months of the year, the vast majority of which were destined for export to markets in Europe and Asia. The company has largely absorbed the impact of the delayed opening of Tesla’s Berlin gigafactory as well as supply chain disruptions that have slowed production in California. Tesla will also release earnings results for the three months ending in March on April 25, according to the company. Early indications show that analysts are expecting sales in the area of $17.57 billion, an increase of 68.3 percent over last year, and earnings in the neighbourhood of $2.24 per share, according to early estimates.

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