Even as production suffered due to supply chain constraints and COVID-related factory shutdowns, the company delivered more than 305,000 electric vehicles in the first quarter, a record-breaking figure that was inline with analyst expectations.
The quarter was difficult due to supply chain interruptions and China's zero Covid policy.
In the first quarter, the company produced over 300,000 vehicles and delivered over 300,000. Most of the vehicles produced and delivered were Model Y and Model 3. The company delivered 295,324 Model Y and Model 3 vehicles. 14,724 Model S and Model X vehicles were delivered by it.
The delivery figures were in line or better than expected. The analysts surveyed by Refinitiv had expectations of over 300,000 vehicle deliveries. In the previous quarter, production was down due to factory shutdowns and supply chain issues.
The first-quarter delivery and production report from the electric car maker comes as the Chinese government is under increasing pressure due to a surge in COVID-19 cases. In March, production at the factory was stopped twice. Model Ys and Model 3s are the majority of the 2,000 vehicles that are produced daily at the Gigafactory Shanghai.
As new factories come online, production has been scaled down by the company. In the first quarter of the year, the company produced 180,000 vehicles and delivered 185,000.
The company said Saturday that it will report first-quarter earnings on April 20. There will be a live Q&A with the management of the company.
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