Tesla Inc. delivered 422,875 vehicles in the first quarter, the electric-vehicle company said Sunday.
The company’s delivery figure came up shy of the 432,000-unit number that analysts tracked by FactSet had been projecting on average. Tesla TSLA also reported production of 440,808 units for the quarter.The company’s delivery figure came up shy of the 432,000-unit number that analysts tracked by FactSet had been projecting on average. Tesla TSLA also reported production of 440,808 units for the quarter.
“We continued to transition towards a more even regional mix of vehicle builds, including Model S/X vehicles in transit to EMEA and APAC,” the company said in a release, referring to the regions of Europe, the Middle East and Africa as well as Asia-Pacific. Tesla disclosed 10,695 deliveries of either Model S or Model X vehicles and 412,180 deliveries of either Model 3 or Model Y vehicles.
“The Model Y/3 price cuts implemented early in 2023 have paid major dividends for Musk & Co. as demand appears very solid despite an uncertain macro,” Wedbush analyst Daniel Ives wrote in a note to clients following Tesla’s weekend announcement. “We believe China consumer demand improved during the quarter for Tesla.”While Tesla fell short of the FactSet consensus, other estimates may have been different, as Ives wrote that Tesla’s delivery figure exceeded “the Street’s 421.5k estimate.
The announcement comes after Tesla’s stock rocketed 68% in the first quarter to log its best quarterly performance since 2020.
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