Tesla records highest quarterly sales amidst worldwide chip shortages
Category: #business  By Pranali Mehta  Date: 2021-04-05
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Tesla records highest quarterly sales amidst worldwide chip shortages

Tesla Inc. reportedly sold over 184,800 electric vehicles in the first quarter despite the global crisis of semiconductor chip shortage that has affected the automotive industry on a large scale.

In the first quarter of 2021, Tesla delivered 182,780 Model 3 and Model Ys, which was an increase of 13% from last year. On the other hand, deliveries of the more expensive Model S and Model Xs slumped from 18,920 to 2,020 during the same period.

Tesla said that the Model S and Model X have both received extremely positive feedback and are in the early stages of ramping up production.

Last year, Tesla's Shanghai factory began manufacturing the Model Y in the key market where it already manufactures Model 3 sedans. Tesla's China sales increased significantly in February compared to the previous month, even though the demand had declined during the Chinese Lunar New Year holidays.

Dan Ives, an Analyst at Wedbush reportedly said that they believe Europe and China were robust this quarter. He expects Tesla to sell more than 850,000 vehicles this year, owing to U.S. President Biden’s policy of encouraging EV sales as well as increasing global demand.

Gerber Kawasaki, CEO at Ross Gerber, mentioned that Tesla's margins will be hampered in the initial quarter due to revenue declines of more profitable vehicles, but he expects blowout results in the second half.

Automakers such as General Motors Co., posted a turnaround in U.S. sales in the first quarter from a COVID-19-related recession the previous year, but volumes were limited by a worldwide chip shortage that forced several companies to cut production.

Despite producing a fraction of what rivals Volkswagen AG, Toyota Motor Corp., and General Motors, it appears that Tesla has become the most profitable carmaker in the world.

Source Credit –

https://www.reuters.com/article/us-tesla-deliveries/teslas-first-quarter-deliveries-break-previous-record-beat-expectations-idUSKBN2BP0WD

 

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Pranali Mehta

Pranali Mehta    

Pranali Mehta boasts of over three years of experience as a content writer. Having completed her graduation in chemical engineering, she worked as safety & environment associate in a chemical company for a year. Harnessing her passion for writing however, Pranali deci...

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