Tesla deliveries double in Q1 CY2021!
Tesla has doubled its deliveries in Q1 in spite of the Pandemic woes continuing.
It delivered nearly 185,000 EVs in the first quarter of Q1 in 2021. And this in spite of the shortage of computer chips across the global auto industry.
Tesla beat the Wall Street estimates of 1,68,000. It also said that the Model Y – a small SUV, has been well received in China.
While no figures were shared for the older models the S Sedan and X SUV, the company shared that 2000 nos incremental sales, over last year Q1, was achieved. It also shared that new equipment has been installed at its factory at Freemont, California, and production of the new version models is in process.
This is a further signal that in spite of the pandemic, the demand for its expensive EVs continues to be strong. Analysts estimated the average price of a Tesla at $49,100. However, the shares of the company dropped by more than 9%. affected by the lesser gloss of EV and Tech stock this year: these stocks attracted huge attention the previous year.
Tesla had sold under 500,000 EVs the previous year, almost meeting the target set by its CEO Elon Musk. However, targets for this year are not shared yet.
Wedbush analyst Dan Ives called the first-quarter numbers a “jaw-dropper” and a huge home run in the eye of bullish investors. “We believe China and Europe were particularly robust this quarter, as the trajectory now puts Tesla to exceed 850K for the year, which is well ahead of whisper expectations.” he wrote on Friday.
The Model 3 Small car and Model Y together sold 1,82,780 numbers. They accounted for almost all of the cars at Paolo Alto, California in Q1. Ives said that the analysts expected to have sales of more than 12,000 of Models S and X, but missed due to chip shortage.
The company's Fremont productions had been shut for much of late February and early March due to chip shortage. The US president Joe Biden announcement of a $174 billion in spending on EVs and charging stations, this week as also rising interest and demand for EVs should drive the Tesla Stock higher, Ives wrote.
“It’s been a brutal sell-off for Tesla and EVs, but we believe that will now be in the rearview mirror,” he wrote.