Tesla Inc posts record deliveries in first quarter, beats estimates

(Reuters) - Tesla Inc on Friday posted record deliveries for the January to March quarter, beating Wall Street estimates, as solid demand offset the impact of a global shortage of parts.

"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.

"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," it added.

Tesla has won strong backing from Shanghai since it built its first overseas factory there in 2019. It started production of the Model Y late last year.

The electric-car maker delivered 184,800 vehicles during the first quarter, above estimates of 177,822 vehicles, according to Refinitiv data.

This also beats its previous record of 180,570 achieved last quarter.

Tesla's total production in the first quarter rose marginally to 180,338 vehicles compared with the fourth-quarter production of 179,757 vehicles.

The carmaker's Fremont, California, plant was also shut down for two days in February due to "parts shortages."

Tesla has become the most valuable auto company in the world by far, despite production that is a fraction of rivals such as Toyota Motor Corp, Volkswagen AG and General Motors Co.

 

(Reporting by Akanksha Rana and Arunima Kumar in Bengaluru and Hyunjoo Jin in San Francisco; Editing by Matthew Lewis)