Tesla delivers record vehicle deliveries in Q1 2022

A Tesla charging station in Beijing, China, March 28, 2022. (Photo: CFP)

Tesla on Saturday reported record electric vehicle deliveries for the first quarter, largely meeting analysts' estimates, but production fell from the previous quarter as supply chain disruptions and a China plant suspension weighed.

Tesla delivered 310,048 vehicles from January to March, a slight increase from the previous quarter, and up 68 percent from a year earlier. Wall Street had expected deliveries of 308,836 cars, according to Refinitiv data.

Tesla, the world's most valuable automaker, has navigated the pandemic and supply chain disruptions better than rivals and its new Shanghai factory has been driving growth.

The company temporarily suspended production at the Shanghai factory for several days in March and April when the city tightened pandemic control measures over a spike in COVID-19 cases.

Tesla said it sold a total of 295,324 Model 3 sedans and Model Y sport utility vehicles, while it delivered 14,724 Model S luxury sedans and Model X premium SUVs.

Chief Executive Elon Musk said in October that Shanghai had surpassed the company's Fremont, California factory in output. The two factories are critical for Tesla's goal of boosting deliveries by 50 percent this year, as production at its new factories are expected to ramp up slowly in their first year.

Toyota and General Motors, Hyundai Motor on Friday reported lower first-quarter U.S. sales than a year earlier, as the entire industry was slammed by chip shortages and disruptions to supply chains.