Tesla reported first-quarter growth in production and shipments of its electric vehicles compared to the previous quarter and last year. Tesla deliveries exceeded analysts’ expectations and the company announced good news from China.
Tesla (TSLA) today announced its production and delivery figures for the first three months of this year.
Tesla production in the first quarter of 2021
Tesla produced 180,338 Model 3 and Model Y units without exact numbers for each model, an increase of 3.2% from 179,757 units produced in the fourth quarter and a jump of 75% from 103,000 production in the first quarter of 2020.
The production figure can be seen as high given that Tesla’s production rate in the first quarter was impacted by a fire at its Fremont, California plant, as well as a temporary closure, which CEO Elon Musk attributed to spares shortages, a global industry chip shortage, and the capacity of the ports and the ongoing pandemic.
Tesla deliveries in the first quarter of 2021
Tesla’s total shipments in the first quarter were 184,800 units, of which 86% or 182,780 were cumulative deliveries of Model 3 and Model Y and only 2,020 Model S and Model X.
This is another record for Tesla deliveries – 23% higher than shipments of 180,570 vehicles in the previous fourth quarter and more than double the 88,400 vehicles delivered in the same quarter last year. Keep in mind, however, that last year’s figure includes less than a month of Model Y shipments, a model that Tesla began shipping in March 2020.
Market analysts on average expected smaller shipments of around 173,800 Tesla vehicles in the first quarter, although estimates ranged from 151,000 to 188,000 units.
Before the launch of the Model Y, Elon Musk said that he expects its sales to surpass all other Tesla electric vehicles. In April, the company said the Model Y was already profitable.
The lack of produced Model S and Model X in the first quarter and the low number of their deliveries is explained by the fact that the company is preparing to release updated versions of these electric vehicles.
Tesla said in a press release on Friday, “The new Model S and Model X have been very well received.”
In addition, Tesla recalled that the number of deliveries is not the same as sales, since “the car is considered delivered only if it is handed over to the client and all the documents are completed correctly,” which means that the number of real sales may be small above.
Tesla also said Model Y sales in China were strong, with new equipment installed and tested at the Shanghai plant in the first quarter, and the plant is rapidly reaching full production capacity.
In January, Marketinfo.pro wrote that just 6 days after Tesla announced the official start of sales of Model Y made in China, all pre-orders for deliveries in the first quarter had been booked. This was facilitated by the recovery of the Chinese auto market after the victory over COVID-19 and the reduced price of Model Y. In addition to China, Model Y from the Shanghai plant should be supplied to Europe and Australia.
Automakers report growth in shipments in the first quarter of 2021
Reports from Tesla’s competitors in China, NIO (NIO) and XPeng (XPEV), also showed quarterly growth in shipments.
US rivals General Motors (GM) and Ford (F) also reported increases in shipments.
GM said its US shipments in the first quarter rose 4% to 642,250, boosted by increased demand for Escalade SUVs and Encore subcompact crossovers.
Ford’s total shipments in the first quarter of 2021 were up 1% year-on-year, but the company saw 74% growth in sales of its electric vehicles thanks to strong sales of the Mustang Mach-E and F-150 PowerBoost Hybrid.
Shares of Tesla and General Motors rose this week, which analysts linked to the White House’s announced plans to invest in the American electric vehicle market. Biden’s team plans to commit $ 174 billion to this industry over the next 10 years.