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Tesla reveals record quarterly sales despite supply chain struggles (TSLA)

Published by Business Insider on Fri, 02 Apr 2021

<p><img src="https://static1.businessinsider.com/image/6065de8952f11d0019431913-2400/Tesla%20Shanghai%20China%20Factory%20.jpg" border="0" alt="Tesla Shanghai China Factory " data-mce-source="Xinhua/Ding Ting via Getty Images" data-mce-caption="Tesla TKed Wall Street's expectations."></p><p></p><bi-shortcode id="summary-shortcode" data-type="summary-shortcode" class="mceNonEditable" contenteditable="false">Summary List Placement</bi-shortcode><p>Tesla on Friday <a href="https://ir.tesla.com/press-release/tesla-q1-2021-vehicle-production-deliveries">announced</a> better-than-expected car sales for the first three months of 2021, despite major production and supply-chain headwinds.</p><p>The electric-car maker delivered 184,800 vehicles in the first quarter, topping <a href="https://www.businessinsider.com/tesla-q1-deliveries-preview-wall-street-estimates-2021-3">Wall Street's expectations</a>. The carmaker sold 182,780 of its Model 3 and Model Y, along with 2,020 of its higher-end Model S and Model X. Tesla does not break down its sales by individual model.</p><p>Tesla said it saw strong demand for the Model Y in China and that it will continue to speed up production of the refreshed Model X and Model S.</p><p>Shares of the automaker sank slightly, about 0.5% in pre-market trading Friday. Shares dropped just shy of 1% on Thursday in the lead-up to the announcement.</p><p>Analysts largely expected Tesla would continue the rapid pace of production it achieved during the last three months of 2020, as it <a href="https://www.businessinsider.com/elon-musk-tesla-delivered-2020-three-free-months-self-drive-2020-12">pulled out all the stops</a> to <a href="https://www.businessinsider.com/telsa-just-missed-its-goal-of-delivering-500000-vehicles-2021-1">deliver 499,550 cars before the year's end</a>. Consensus on Tuesday stood at 173,800 units for the quarter.</p><p>Overall production numbers came in at 180,338, Tesla said. Both figures could change slightly, about 0.5%, as paperwork is finalized.</p><p>The carmaker faced major headwinds in the first quarter including a global shortage of semiconductors that has kneecapped auto manufacturing worldwide, <a href="https://www.businessinsider.com/stellantis-truck-production-hit-by-semiconductor-shortage-2021-3">idling production lines</a> and forcing automakers to build cars without certain components as they await chips.</p><p><em><strong>Read more:</strong><a href="https://www.businessinsider.com/sila-ceo-reveals-what-he-learned-from-working-for-tesla-2021-2">The CEO of a top battery startup shares what he learned about business from joining Tesla as employee number 7</a></em></p><p>In January, Tesla CFO Zach Kirkhorn warned of obstacles Tesla would face in the first quarter, including the semiconductor issue.</p><p>"Specifically for Q1, our volumes will have the benefit of early Model Y ramp in Shanghai," Kirkhorn said on a conference call. "However, S and X production will be low due to the transition to the newly architected products. Additionally, we're working extremely hard to manage through the global semiconductor shortage as well as port capacity, which may have a temporary impact."</p><p>In February, Tesla temporarily halted production at its Fremont, California, factory, and CEO Elon Musk attributed the break to "parts shortages." Production stoppages aren't uncommon for carmakers, and they've become more frequent as the chip shortage drags on.</p><div><blockquote class="twitter-tweet" data-lang="en" data-cards="" data-conversation=""><p lang="en" dir="ltr">Fremont shut down for two days (parts shortages) &amp; restarted yesterday</p> Elon Musk (@elonmusk) <a href="https://twitter.com/mims/statuses/1365053102794153987'ref_src=twsrc%5Etfw">February 25, 2021</a></blockquote><script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script></div><p></p><p>Wall Street expects Tesla to sell more than 800,000 vehicles in 2021, with production capacity aided by new factories that are set to come online in Germany and Texas.</p><p>Wedbush Securities analyst Daniel Ives said in a Friday note that he now expects Tesla to deliver more than 850,000 cars in 2021, as demand for EVs grows globally and as President Joe Biden signals a commitment to green infrastructure.</p><p>"We believe these delivery numbers are a paradigm and sentiment shifter for the space going forward. Its been a brutal sell off for Tesla and EVs, but we believe that will now be in the rear view mirror," Ives said.</p><p><a href="https://www.businessinsider.com/tesla-q1-deliveries-car-sales-chip-shortage-headwinds-2021-4#comments">Join the conversation about this story &#187;</a></p> <p>NOW WATCH: <a href="https://www.businessinsider.com/coronavirus-myths-debunked-wuhan-china-2020-2">Epidemiologists debunk 13 coronavirus myths</a></p>
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