Tesla reports record first-quarter deliveries as Model 3 and Model Y

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Tesla reports record first-quarter deliveries as Model 3 and Model Y

FILE PHOTO: A Tesla logo is photographed on a Model S inside a Tesla dealership in New York City.

On Friday Tesla Inc. posted record deliveries for the quarter from January to March, surpassing Wall Street estimates as the market increases of the Model 3 and Model Y offset the impact of a global shortage of parts.

We are encouraged by the strong reception of the Model Y in China and are slowly progressing to full production capacity, Tesla said in a statement.

The new Model S and Model X have also been exceptionally well received and we are in the early stages of ramping up production, added.

The Shanghai factory of Tesla, in the key market where it already produces Model Y sedans, started production late last year of Model Y. In February, Tesla's China sales jumped from the previous month 18%, even though demand usually falls during the Lunar New Year holiday of China that month.

According to Refinitiv data, the electric car maker produced 184,800 vehicles globally during the first quarter, over estimates of 177,822 vehicles.

This also surpasses its last record of 180,570 achieved in the previous quarter.

In February, Ford Motor Co halted its California factory for two days due to parts shortages, at a time when Detroit automakers including General Motors Co and Tesla started one of their factories for several weeks.

Other automakers reported a rebound in first-quarter sales after a global virus shortage last year, but volumes were capped by a global chip scarcity that forced many companies to cut production.

In the first quarter Tesla announced 2,020 Model S Xs, compared to 18920 in the last quarter, which delivered models refreshes ahead of the model launch.

Ross Gerber CEO Gerber said that sales declines of the pricier and more profitable cars would lead to weaker margins for Tesla in the second quarter, but forecast blowout results for the first quarter.

By far, Tesla has become the world's most valuable auto company despite production that is a fraction of rivals such as GM, Volkswagen AG and Toyota Motor Corp.

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