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Tesla is poised for another record quarter amid soaring gas prices

Tesla may have delivered 309,158 vehicles globally in the first three months of the year, according to a dozen analysts surveyed by Bloomberg.

Via : Automatic table HT
Update on:
April 2, 2022, 03:39 PM

Tesla Model 3
Tesla Model 3

Tesla Inc. is expected to post another record quarter despite industry-wide supply chain difficulties as the world’s top electric vehicle maker benefits from high gas prices, spurring more buyers for its models. plug-in car.

The company may have delivered 309,158 vehicles globally in the first three months of the year, according to a dozen analysts surveyed by Bloomberg. Tesla delivered about 308,000 vehicles in the fourth quarter, which was its best performance to date.

Delivery is one of the most closely watched metrics at Tesla: They underpin the Austin, Texas-based company’s financial results and are seen by many as a gauge of consumer demand for electric vehicles in the context of a shift away from the internal combustion engine. While many major automakers will announce sales results in the US on Friday, Tesla, which reports global totals, has yet to set a release date.

Despite another potential delivery record, the past quarter has been challenging for Tesla. The company has suspended production at its Shanghai factory amid uncertainty over the city’s containment of the pandemic and the ongoing Covid-19 outbreak, which could drag on sales.

“We see the recent China Covid outbreak as a potential risk to the downside, given that Tesla deliveries are typically weighted towards the end of the quarter,” said Credit Suisse analyst Dan Levy. Credit Suisse analyst Dan Levy said. , slightly shy compared to the previous quarter.

Tesla assembled it Model WILLCars X, 3, and Y at a factory in Fremont, California. It also produces Models 3 and Y at a factory near Shanghai, which makes cars for China and Europe. The company has begun delivering the first Model Ys from its new factory near Berlin and will have a “Cyber ​​Rodeo” for 15,000 people to celebrate a new factory in Austin next week.

High delivery numbers could provide a boost to Tesla’s stock, prolonging a rally that has pushed its market value back above the trillion-dollar mark. The EV maker’s deft navigation to the supply chain crisis, stock split and factory opening have helped bolster investor sentiment.

Through the end of Thursday, Tesla shares remained positive for the year, which is not true for the S&P 500 Index or automakers like General Motors Co. and Ford Shares of Tesla also performed much better than shares of EV startups Rivian Automotive Inc. and Lucid Group Inc.

Date of first publication: April 2, 2022, 03:39 PM IST

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