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TSLA Tesla Inc

175.59
-4.24 (-2.36%)
After Hours
Last Updated: 20:06:12
Delayed by 15 minutes
Share Name Share Symbol Market Type
Tesla Inc NASDAQ:TSLA NASDAQ Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -4.24 -2.36% 175.59 175.57 175.59 179.57 175.30 177.45 76,826,343 20:06:12

Tesla Kicks Off 2021 With Rising Deliveries -- Update

02/04/2021 3:17pm

Dow Jones News


Tesla (NASDAQ:TSLA)
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By Rebecca Elliott 

Tesla Inc. said Friday that it delivered roughly 184,800 vehicles globally in the first quarter as the electric-vehicle competition from rival car makers intensifies.

The Silicon Valley auto maker's deliveries eclipsed its previous record and more than doubled from the same period a year earlier, when Tesla idled its lone U.S. car plant in the face of the coronavirus pandemic. Deliveries, which cruised past analysts' expectations, were up about 2% from the year-end quarter.

The electric-car maker handed over nearly 500,000 vehicles to customers globally last year and expects deliveries to advance more than 50% in 2021, though it hasn't set a specific target.

Stiffer competition from the likes of Ford Motor Co. and Volkswagen AG, whose all-electric vehicles are making inroads in key markets, is increasing pressure on Tesla to accelerate production growth and bring new models to market.

Analysts surveyed by FactSet on average expected Tesla to hand over about 168,000 vehicles to customers in the first three months of the year, which typically are the company's weakest for deliveries. That forecast fell in recent weeks as auto makers contended with a global shortage of semiconductors that forced many companies to scale back output. Ford, for example, said Wednesday that it was scheduling more downtime for some of its plants because of tight chip supplies.

Tesla in February temporarily shut down its Fremont, Calif., factory because of parts shortages. The company also had warned of lower first-quarter output of the Model S luxury sedan and Model X sport-utility vehicle as it introduces updated versions.

Deliveries of Model S and Model X vehicles in the first quarter totaled around 2,020. Tesla handed over about 182,780 Model 3 sedans and Model Y compact sport-utility vehicles combined. Tesla doesn't disclose deliveries by region.

Tesla also said it produced 180,338 vehicles in the quarter, all of them Model 3s or Model Ys.

The company said in a statement that the new Model S and Model X have been "exceptionally well received," adding that it is in the early stages of boosting production after installing and testing new equipment.

Tesla is aiming to open two new vehicle factories this year, one near Austin, Texas, and the other outside of Berlin. That plant will be the company's first in Europe, the world's largest electric-vehicle market as of last year, and is seen as key to improving Tesla's fortunes in the region.

Tesla registrations in Western Europe slipped roughly 11% last year compared with 2019, as auto makers such as Volkswagen and Renault SA gained traction in the all-electric vehicle market, according to Schmidt Automotive Research.

"Given Europe's continued global leadership in [electric vehicle] penetration trends, we believe the Berlin launch is especially crucial for Tesla," Credit Suisse analyst Dan Levy wrote in a note this week, adding that the factory would help Tesla reduce costs and provide a steadier supply of vehicles to the region.

Tesla has said it hopes to begin delivering an electric pickup truck and a long-delayed semitrailer truck to customers this year. Chief Executive Elon Musk has said recently that a shortage of battery cells is making it difficult to ramp up output of the semitrailer.

Meanwhile, Tesla is facing increased regulatory scrutiny at home and abroad. The Chinese government is restricting the use of Tesla vehicles by military staff and others on national security grounds, The Wall Street Journal reported last month. Earlier in the year, Chinese regulators summoned the company over consumer quality complaints.

Tesla struck a conciliatory tone at the time, saying that it "sincerely accepted the guidance of government departments" and had "deeply reflected on shortcomings."

In the U.S., the National Highway Traffic Safety Administration has launched probes into three recent crashes involving Tesla vehicles, at least one of which law enforcement tied to the company's advanced driver-assistance system known as Autopilot.

As of late March, the federal safety regulator had launched 27 investigations into Tesla crashes, all but four of which remained open. Some, but not all, of those probes are related to Autopilot.

Tesla also agreed earlier this year to recall some 135,000 vehicles over touch-screen failures.

Write to Rebecca Elliott at rebecca.elliott@wsj.com

 

(END) Dow Jones Newswires

April 02, 2021 10:02 ET (14:02 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.

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