Tesla Inc has reported record electric vehicle deliveries for the first quarter, meeting analysts estimates, but its production fell from the previous quarter as supply chain disruptions and a China plant suspension weighed.
“This was an *exceptionally* difficult quarter due to supply chain interruptions & China zero Covid policy,” CEO Elon Musk tweeted.
Tesla delivered 310,048 vehicles in the quarter, a slight increase from the previous quarter, and up 68% from a year earlier. Wall Street had expected deliveries of 308,836 cars, according to Refinitiv data.
Tesla produced 305,407 vehicles during the January to March period, down from 305,840 the previous quarter.
Tesla, the world s most valuable automaker, boosted sales, navigating the pandemic and supply chain disruptions better than rivals and with its new factory in Shanghai in China driving growth.
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But a recent spike in COVID-19 cases in China has forced Tesla to suspend production temporarily at its factory in Shanghai as the city locks down to tests residents for the disease.
The deliveries “better than feared given supply chain issues,” Daniel Ives, an analyst in Wedbush said in a report.
Tesla said it sold a total of 295,324 Model 3 sedans and Model Y sport utility vehicles, while it delivered 14,724 Model S luxury sedans and Model X premium SUVs.
