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Tesla Inc. reported record deliveries in the first quarter, though it fell short of the pace required to meet Elon Musk\u2019s long-held goal of 50% annual growth.<\/p>\n
The electric vehicle pioneer delivered 422,875 cars worldwide last quarter after it cut prices to appeal to consumers buffeted by rising interest rates and faster inflation.<\/p>\n
The results, posted Sunday, came in just ahead of the median estimate of analysts surveyed by Bloomberg, for 421,164 vehicles to have been shipped.<\/p>\n
\u201cTesla deliveries were in line with the consensus numbers, but it was a disappointment relative to some of the whisper numbers,\u201d said Gene Munster, managing partner of Deepwater Asset Management.<\/p>\n
\u201cThey grew deliveries 36% from a year ago, but Musk\u2019s comment on the last earnings call was for 50% delivery growth. They will have to pick up the pace for deliveries for the rest of the year.\u201d<\/p>\n
The record quarterly sales received a muted reaction in Asia, where shares of Tesla\u2019s key suppliers and rivals were mixed.<\/p>\n
Chinese battery giant Contemporary Amperex Technology Co. Ltd. fell as much as 2.5% while South Korea\u2019s LG Energy Solution Ltd. rose 0.5%. Tesla accounts for 12% of CATL\u2019s sales, and 25% of LG Energy\u2019s sales, according to data compiled by Bloomberg.<\/p>\n
Austin, Texas-based Tesla produced 440,808 vehicles during the quarter, more than the 432,513 analysts expected.<\/p>\n
On the last earnings call, Musk said Tesla aims to make 1.8 million to 2 million vehicles this year.<\/p>\n
Tesla doesn\u2019t break out sales by region, but the US and China are its largest markets.<\/p>\n
The overwhelming majority of sales were of the Model 3 sedan and Y crossover.<\/p>\n
Tesla slashed prices early in the year to boost demand after fourth-quarter deliveries disappointed investors.<\/p>\n
\u201cWith everything going on in the macro environment, these are very good numbers,\u201d said Ben Kallo of Robert W. Baird.<\/p>\n
\u201cThere are a lot of different consensus figures out there. People will switch very quickly from this number to talking about what the margins will be for the first quarter. There\u2019s been a lot of focus on price cuts hurting margins.\u201d<\/p>\n
The company makes the Model S, X, 3 and Y models in Fremont, California. Its Shanghai factory produces the Model 3 and Y. Tesla also makes the Model Y at its plants in Austin and Berlin.<\/p>\n
The electric vehicle pioneer delivered 422,875 cars worldwide last quarter after it cut prices to appeal to consumers buffeted by rising interest rates and faster inflation.<\/p>\n","protected":false},"author":341034,"featured_media":486361,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_sma_x_autopost_status":"idle","_sma_x_autopost_error":"","_sma_x_post_id":"","_sma_facebook_post_id":"","_sma_instagram_post_id":"","_sma_threads_post_id":"","_sma_x_attempts":0,"footnotes":""},"categories":[29366],"tags":[78574,36370,67290,11373,20719],"class_list":["post-486357","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-motoring","tag-car-manufacturers","tag-car-sales","tag-electric-vehicles-evs","tag-elon-musk","tag-tesla"],"_links":{"self":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/486357"}],"collection":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/users\/341034"}],"replies":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/comments?post=486357"}],"version-history":[{"count":1,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/486357\/revisions"}],"predecessor-version":[{"id":486363,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/486357\/revisions\/486363"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media\/486361"}],"wp:attachment":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media?parent=486357"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/categories?post=486357"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/tags?post=486357"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}<\/a><\/p>\n
\nNow read: BMW in talks to build electric cars in South Africa<\/a><\/h2>\n","protected":false},"excerpt":{"rendered":"