Palo Alto’s Tesla reports record-breaking first-quarter deliveries, beats expectation

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Palo Alto’s Tesla reports record-breaking first-quarter deliveries, beats expectation

On Friday, Tesla Inc., the Palo Alto, California-based world’s most valuable automotive industry giant by market cap, had reported record deliveries over its first fiscal quarter of 2021 that ended on March 31, beating Wall St.

estimates by a broader margin as a persistent demand of less expensive passenger cars had eclipsed the fallouts of a global-scale shortage of parts and chips. On top of that, following reveal of a breakthrough January-March quarterly delivery report earlier in the day, the Californian carmaker said in a statement, “We are encouraged by the strong reception of the Model Y in China and are quickly progressing to full production capacity.

The new Model S and Model X have also been exceptionally well received ... and we are in the early stages of ramping production.

Tesla beats delivery forecasts for Q1, 2021

In tandem, according to Tesla Inc.’s quarterly earnings’ report for Q1, 2021, the e-vehicle tycoon had delivered 184,800 vehicles across the globe during the quarter, insanely beating Wall St.’s estimate of 177,822 vehicles while surpassing its previous record of 180,500 deliveries registered in the last quarter.

Meanwhile, Biden Administration’s climate friendly policy would likely to boost up e-vehicle sales amid a growing global demand, adding Tesla Inc. could log an annual sales figure above 850,000 vehicles this year as pandemic-wary consumers were preferring personal vehicles instead public transports, an analyst at Wedbush Dan Ives said following the announcement, “We believe China and Europe were particularly robust this quarter”.

Concomitantly, Gerber Kawasaki's Ross Gerber was quoted saying that a sharp depreciation in sales of high profit-margin expensive cars would lead to a lower-than-expected first quarterly earnings for Tesla Inc., however, had forecasted a blowout gain over the second quarter.