Tesla TSLA Q1 2021 car manufacturing and supply numbers

Tesla simply reported first-quarter car manufacturing and supply numbers for 2021. In complete, it delivered 184,800 autos and produced 180,338 automobiles.

Analysts have been anticipating Tesla to ship round 168,000 autos throughout this era, in line with estimates compiled by FactSet as of April 1. Estimates ranged from 145,000 to 188,000 deliveries.

The Q1 deliveries beat Tesla’s earlier file of 180,570 deliveries in This fall 2020.

All the electrical autos it produced have been Mannequin 3 sedans and Mannequin Y crossover SUVs throughout the quarter, and it did not produce any of its dearer Mannequin S sedans and Mannequin X SUVs.

It delivered 2,020 Mannequin S and Mannequin X autos from stock, nonetheless representing simply 1% of its complete deliveries. In a press release, Tesla wrote that with “new gear put in and examined in Q1” the corporate is now “within the early phases of ramping manufacturing” for up to date variations of the S and X.

Throughout its most up-to-date earnings name on January 27, Tesla CEO Elon Musk stated: “We now have been capable of carry ahead the Plaid Mannequin S and X – Mannequin S shall be delivered in February and Mannequin X somewhat later.” He added that “The Mannequin S Plaid, we’re truly in manufacturing now.”

The Mannequin S plaid is a luxurious sedan that the corporate guarantees will go from 0 to 60 miles per hour in lower than 2 seconds, and that may seat as much as seven folks with third-row seats. Importantly for Tesla automotive margins, the Mannequin S and X have the next common gross sales value than the S and Y. The Mannequin S plaid prices from $79,990 to $149,990 in line with Tesla’s web site.

However Tesla’s operations throughout the quarter ending March 31, 2021, have been in the end impacted by a hearth at its Fremont, California manufacturing facility, short-term closures that Musk attributed to elements shortages, a broader chip scarcity within the trade, port capability points and the continued pandemic.

Tesla’s newest supply numbers represented greater than a 100% improve from the identical interval final yr when the corporate first started deliveries and quantity manufacturing of Mannequin Y. Nevertheless, Tesla Q1 deliveries elevated by simply over 2% from the quarter ending 2020 when Tesla delivered 180,570 autos.

Deliveries are the closest approximation to gross sales numbers reported by Tesla.

Throughout the firm’s most up-to-date earnings name, CFO Zachary Kirkhorn stated that in 2021: “Particularly for Q1, our volumes will take pleasure in early Mannequin Y ramp in Shanghai. Nevertheless, S and X manufacturing shall be low as a result of transition to the newly re-architected merchandise.”

At an annual shareholder assembly in 2020, CEO Elon Musk advised shareholders he anticipated deliveries to hit an implied vary between 477,750 and 514,500 automobiles for the yr. Tesla hit the mid-range of that window, delivering 499,550 automobiles for the yr, its greatest gross sales quantity up to now.

Musk and Kirkhorn declined to offer particular steerage for 2021 deliveries throughout that decision however stated they might supply extra readability throughout the second quarter. Kirkhorn stated on the decision: “We proceed to count on a long-term quantity CAGR of fifty%, of which we could materially exceed this in 2021.” This objective was reiterated by Tesla’s then-President of Automotive Jerome Guillen on the identical name. (Guillen has moved into the function of President of Heavy Trucking since then.)

Followers and critics will each be watching to see whether or not new battery electrical autos hitting the market will start to erode Tesla’s lead within the class, or take away extra from gross sales of inside combustion engine and hybrid autos. Startups and large automakers alike are introducing extra EV fashions than ever earlier than.

On March 29, Jeffries lowered its value goal for Tesla from $775 to $700, with analyst Philippe Houchois writing in a observe:

“Legacy-free 30-50% internet development and 2-digit margin potential nonetheless help excessive multiples however Tesla is not distinctive as an EV play with most well-liked entry to capital. A number of the edge began to erode, however solely slowly and Tesla nonetheless leads on a number of fronts, from software program to design-to-manufacture, pace of execution and direct promoting.”

— CNBC’s Jordan Novet contributed reporting.

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