Tesla Reports its Q1 Production & Deliveries, Model Y, Model 3 Demand Remains Strong
【Summary】Tesla reported its Q1 results on Friday which beat Wall Street estimates for first-quarter deliveries. Tesla’s sales were boosted by strong demand for the Model Y. The company produced 180,338 Model 3 sedans and Model Y crossovers in Q1 and delivered 182,780 of them.
The auto industry appears to be well on its way to recovery from the pandemic with automakers reporting strong first quarter sales for 2021, including California electric vehicle pioneer Tesla.
Tesla reported its Q1 results on Friday which beat Wall Street estimates for first-quarter deliveries. Tesla's sales were boosted by strong demand for the Model Y, especially in China, which is the world's biggest auto market.
Tesla delivered 184,800 vehicles during the first quarter, above estimates of 177,822 vehicles, according to Refinitiv data. Tesla produced 179,757 vehicles in the fourth quarter of last year, so its production remains stable in the new year.
Tesla does not break down its vehicle deliveries by individual model, reported the combined sales of the Model S and X, and the combined deliveries of the Model Y and Model 3.
Tesla produced 180,338 Model 3 sedans and Model Y crossovers in Q1 and delivered 182,780 of them, which indicates that demand remains strong, especially for the Model Y, which is Tesla's newest vehicle. Deliveries of the Model Y bagan last March just as the pandemic caused a sharp decline in auto sales in the U.S.
Crossovers and compact SUVs are widely popular with consumers, so the Model Y is an important vehicle in Tesla's lineup. Demand for the Model Y has been strong, especially in China.
"We are encouraged by the strong reception of the Model Y in China and are quickly progressing to full production capacity," Tesla said in a statement.
Model S and Model X SUV and in the process of a refresh which requires retooling at Tesla's California factory where they are built. The company did not produce any of these models in Q1, but delivered a combined total of 2,020. But according to its statement, Tesla is optimistic that the refreshed version will attract buyers, even as competition in the EV space grows.
"The new Model S and Model X have also been exceptionally well received, with the new equipment installed and tested in Q1 and we are in the early stages of ramping production," Tesla added.
Estimated delivery times for the refreshed Model S are 10 to 14 weeks, according to Tesla's website.
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