Tesla beat Wall Street forecasts for dedication in the first quarter, amid stiff demand that offset the impact of global component shortages.
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The electric vehicle maker delivered 184,800 cars in the first quarter, compared to forecasts for the delivery of 177,822 vehicles, according to information from Refinitiv reported by Reuters.
The company’s total production in the first quarter rose slightly to 180,338 vehicles compared to production of 179,757 vehicles in the last quarter of 2020.
Under CEO Elon Musk, the electric vehicle maker has expanded its footprint over the past year with stable sales and profitable quarters, at a time when many automakers have reported losses.
“We are encouraged by the strong acceptance of Model Y in China and are rapidly advancing to full production capacity,” the company said in a statement. “The new S and X models were exceptionally well received, with the new equipment installed and tested in the first quarter.”
Chinese company BID (BYD) is leading the rate of dedication with more than 10,000 vehicles in March. Woodbush analyst Dan Ives predicts that shares of electric vehicle makers will rise more than 30% by the end of the year.