Tesla's first-quarter deliveries outpaced Wall Street estimates

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Tesla's first-quarter deliveries outpaced Wall Street estimates

In the first quarter, the Wall Street estimates of Tesla Inc. outpaced Tesla's competitors in the face of supply chain issues caused by COVID 19.

The California-based electric car maker delivered 184,400 vehicles in the three months through March, exceeding the 177,822 vehicles that analysts surveyed by Refinitiv were expecting. There were 180,338 vehicles produced during the quarter; almost 99%, or 182,780, of the deliveries were Model 3 and Model Y vehicles.

The remaining 2,020 deliveries were either Model S or Model X vehicles. These were drop the mic delivery numbers, wrote Dan Ives, an analyst for New York-based Wedbush Securities.

He noted that Wall Street had lowered expectations for the quarter due to chip shortages and related production issues.

The electric car manufacturer was caused by a fire in its Freemont, California, factory as well as an inventory of parts and port delays that were caused by the pandemic.

GET FOX BUSINESS ON THE GO BY CLICKING HERE The stocks did not react to the news as the markets closed for Good Friday in the United States.

They were down 6.22% this year through Thursday, underperforming the S& P 500's 7.02% gain.

On April 28, Tesla is scheduled to report its first quarter results.

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