Tesla reveals the number of vehicles it delivered in Q1

Tesla Inc (NASDAQ: TSLA) on Monday said its vehicle deliveries in the fiscal first quarter came in shy of Street estimates. Shares still popped up more than 2.0% this morning.

Tesla delivered 310,048 vehicles in Q1

The leading U.S. electric car maker delivered 310,048 vehicles in Q1 versus 317,000 that analysts had predicted. 95% of the quarterly deliveries, as per Tesla, were Model 3 and Model Y.

The stock has now climbed up 45% in three weeks. Explaining why the stock is still in the green, CNBC’s Phil LeBeau said:

Why has Wall Street’s reaction been positive? Look at the challenges they went through. They had to shut down Shanghai Gigafactory for four days last week because of China’s zero COVID policy. The facility is real driver of productions and deliveries for Tesla.

Comparison with the year-ago quarter

EV production stood at 305,407 units in Q1. This compares to 184,800 deliveries and 180,338 vehicles produced in the same quarter last year.

Last week, Tesla officially launched its Gigafactory in Germany that’s likely to help ramp up production. The EV maker has also indicated plans of executing another stock split later this year.

Other than Tesla deliveries, CEO Elon Musk is also trending on Monday after an SEC filing revealed him to have taken a sizable, 9.20% passive stake in Twitter Inc.

The post Tesla reveals the number of vehicles it delivered in Q1 appeared first on Invezz.

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