Despite the ongoing chip shortage that continues to plague the car manufacturing industry, Tesla has delivered a record number of cars and is even up by 68% compared to 2021.
At a Glance
- Tesla delivered a record number of 310,000 vehicles in the first quarter of 2022.
- Tesla broke its old quarterly delivery record of 308,600 vehicles.
- However, Tesla notably failed to meet analyst expectations of 312,000 vehicles in the same quarter.
- Fellow car brands Ford and General Motors previously announced that they are halting production at a Michigan plant due to parts shortages.
- The latest milestone comes just after Tesla stock received a huge bump when the company announced a stock split.
- Tesla sold 936,000 vehicles in 2021.
According to the New York Post, Tesla announced that it delivered a total of 310,000 vehicles in the first quarter of 2022. The company broke its old quarterly delivery record of 308,600 vehicles. This record was set in 2021’s fourth quarter. Although this is a record number, Elon Musk’s electric car brand failed to meet analyst expectations. Which was 312,000.
Although there is a continuous chip shortage, Tesla continues to deal with the issue better than its car-making competitors. The media outlet states that Ford and General Motors recently declared they will each half production at a Michigan plant due to the parts shortages.
However, Tesla has continued to be extremely successful in terms of sales even with the shortage and COVID-19 pandemic. The company sold 936,000 vehicles in 2021. This is an 87% increase over 2020 numbers. But Tesla is now dealing with its Shanghai plant being shut down due to COVID-19 lockdowns in the city. The hub was originally shut down on March 28th. It was to reopen production on Monday (April 4th) but the plan is now canceled.
Despite Tesla’s Record Numbers, Analysts Believe that 20,000 to 25,000 Car Sales That Would Have Happened in the First Quarter Will Be Pushed to Second Quarter
Although Tesla had a record number of car sales in the first quarter, analysts are now saying they believe 20,000 to 25,000 car sales that would have occurred in the first quarter will be pushed to the second quarter. This is due to the increase in vehicle prices and car part shortages.
Wedbush analysts told the New York Post, “We remain steadfastly bullish on the Tesla story. And believe when factoring in all the manufacturing headwind dynamics. This was a modestly bullish print.”
Tesla also said at the beginning of the year that it expects 50% annual growth in sales. This means that the company hopes to deliver 1.4 million vehicles in 2022. However, Musk did reveal that the chip shortage would stop Tesla from releasing new models this year.