Tesla beats sales forecasts for its electric vehicles | Companies

Tesla beat Wall Street estimates for first-quarter deliveries on Friday as strong demand offset the impact of a global parts shortage. The electric carmaker delivered 184,800 vehicles during the first quarter, above estimates of 177,822 vehicles, according to Refinitiv data.

Under the leadership of CEO Elon Musk, Tesla has expanded its presence in the past year, weathering a pandemic and economic turmoil with steady sales and profitable quarters at a time when many automakers reported losses.

“We are encouraged by the strong reception of the Model Y in China and are progressing rapidly towards full production capacity,” Tesla said in a statement.

“The new Model S and Model X have also been exceptionally well received, with the new equipment installed and tested in the first quarter and we are in the early stages of production,” he added.

Total Tesla production in the first quarter increased marginally to 180,338 vehicles compared to fourth quarter production of 179,757 vehicles.

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