Tesla doubles deliveries in Q1

Tesla says it has delivered nearly 185,000 EVs in the first quarter of this year, prompting some analysts to speculate that Tesla deliveries could exceed more than 850,000 vehicles in 2021.

The company says it’s encouraged by strong reception to its Model Y in China – quickly progressing to full production capacity – the new Model S and Model X also well received and the Model 3 boosting sales.

The strong sales follow in spite of Tesla stopping much of its Fremont production in California for several weeks in late February and early March, presumed a result of a global shortage of automotive computer chips.

The 185,000 deliveries are more than double that for the same period last year, also exceeding Wall Street estimates of 168,000 for January to March.

Tesla says it delivered 2020 older Model S and Model X EVs, and 182,780 Model 3 and Model Y vehicles in Q1 of this year.

China is expected to boost EV charging stations and EV battery swap facilities which, along with increasing global demand for EVs and US president Joe Biden’s plan to spend US$174 billion on EV incentives and charging sites, is predicted to further aid Tesla and see its shares rise.

Tesla says net income and cash flow results will be announced along with the rest of its financial performance when Q1 earnings are revealed.