Tesla (TSLA) confirmed its delivery and production figures for the first quarter of 2023, confirming another record quarter for both and exceeding expectations.
With recent price cuts and increased production capacity, Wall Street had high expectations for Tesla’s first quarter deliveries.
Analysts had a consensus of around 420,000 vehicles delivered in the first three months of 2023.
Today Tesla released its official production and delivery results. The company confirmed that it exceeded delivery expectations with 422,875 vehicles delivered in the first quarter:
In the first quarter, we produced over 440,000 vehicles and delivered over 422,000 vehicles.
The automaker broke its previous record of 405,000 vehicles achieved in the last quarter (Q4 2022).
As for the gap of about 18,000 vehicles between produced and delivered vehicles, Tesla explains it again with vehicles in transit as it tries to move away from the end-of-quarter delivery waves:
We continued to transition to a more consistent regional mix of vehicle builds, including Model S/X vehicles in transit to EMEA and APAC.
Here is the breakdown of Tesla’s production and deliveries for the first quarter of 2023 according to each model:
|Models||Production||Production||Subject to accounting for operating leases|
|3/Y-model||421 371||412 180||5%|
As my delivery overview report indicated, over 420,000 deliveries would be good for Tesla.
The biggest concern is growing inventory, especially when it comes to Model S and Model X. Nearly 9,000 Model S/X in inventory at the end of the first quarter is a lot, but Tesla explains it saying that many of them are in transit. in Europe.
I’m sure that’s true, but Tesla also had to withdraw an incentive at the end of the quarter to sell Model S and Model X vehicles.
Therefore, it might be something worth watching.
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