Tesla TSLA Q1 2021 automobile manufacturing and supply numbers

Tesla has just reported its vehicle production and delivery numbers in the first quarter for 2021. A total of 184,800 vehicles were delivered and 180,338 cars were produced.

Analysts had expected Tesla to deliver around 168,000 vehicles as of April 1, according to FactSet estimates. The estimates were between 145,000 and 188,000 deliveries.

Deliveries in the first quarter surpassed Tesla’s previous record of 180,570 deliveries in the fourth quarter of 2020.

All of the electric vehicles he produced were Model 3 sedans and Model Y crossover SUVs during the quarter, and none of the more expensive Model S sedans and Model X SUVs were made.

2,020 vehicles of the models S and X were delivered from stock, which, however, only corresponds to 1% of the total deliveries. In a statement, Tesla wrote that the company is “now in the early stages of ramp-up” for updated versions of the S and X with “new equipment installed and tested in the first quarter.

Elon Musk, CEO of Tesla, said in his last report on January 27th: “We were able to promote the Plaid Model S and X – Model S will be delivered in February and Model X a little later.” He added, “The Model S plaid, we’re in production right now.”

The S Plaid model is a luxury sedan that the company promises to go from 0 to 60 mph in less than 2 seconds and seat up to seven people with third-row seating. What is important to Tesla’s automotive margins is that the S and X models have a higher average retail price than the S and Y models. The Model S plaid costs between $ 79,990 and $ 149,990, according to Tesla’s website.

However, Tesla’s operations for the quarter ended March 31, 2021 were ultimately affected by a fire at its Fremont, California facility. Temporary closings, which Musk attributed to shortages of parts, a major chip shortage in the industry, problems with port capacity and the ongoing pandemic.

Tesla’s most recent shipments were more than 100% higher than the same period last year when the company first began shipping and mass producing the Model Y. However, Tesla Q1 shipments were up a little more than 2% vehicles from the quarter through 2020 when Tesla shipped 180,570 vehicles.

Deliveries are closest to Tesla’s reported sales.

During the company’s latest earnings call in 2021, Chief Financial Officer Zachary Kirkhorn said, “Especially for the first quarter, our volumes will have the benefit of an early Model Y ramp in Shanghai. However, S and X production will be discontinued due to the transition to new revised products. “

At an annual general meeting in 2020, CEO Elon Musk announced to shareholders that he expects deliveries to hit an implied range between 477,750 and 514,500 cars for the year. Tesla hit the mid-range of that window, shipping 499,550 cars for the year, the best sales volume ever.

Musk and Kirkhorn declined to provide specific guidance on deliveries in 2021 during that call, but said they would provide more clarity in the second quarter. Kirkhorn said on the conference call, “We continue to expect a long-term volume CAGR of 50%, which we could significantly exceed in 2021.” That goal was reiterated in the same appeal by Tesla’s then President of the Automotive Industry, Jerome Guillen. (Guillen has since taken on the role of President of Heavy Trucking.)

Fans and critics will both watch whether new battery-electric vehicles entering the market undermine Tesla’s lead in this category or have a more negative impact on internal combustion engine and hybrid vehicle sales. Startups and major automakers are introducing more EV models than ever before.

On March 29, Jeffries cut his price target for Tesla from $ 775 to $ 700. Analyst Philippe Houchois wrote in a note:

“Legacy-free 30-50% net growth and double-digit margin potential still support high multipliers, but Tesla is no longer unique as an EV game with preferential access to capital. Part of the edge began to erode, but slowly and Tesla is still leading on multiple fronts, from software to design to manufacturing, speed of execution and direct sales. “

– CNBC’s Jordan Novet contributed to the coverage.