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Tesla beats sales forecasts for strong car deliveries

Apr 26 (Reuters) – Tesla Inc’s first-quarter revenue and profits beat Wall Street expectations on Monday, after it reported a record three-month delivery earlier this month on strong demand. in China.

Tesla said it expects volume growth this year to exceed 50%, and said it is on track to begin production and deliveries at its planned factories in Texas and Berlin this year.

The company had said it delivered a record 184,800 vehicles worldwide in the January-March quarter, beating market expectations.

The company said it was able to navigate the world’s chip supply shortage issues, in part because of a very rapid switch to new microcontrollers.

However, the median sales price of its vehicle fell 13% as Model S and Model X deliveries fell ahead of upgrades and higher sales from China.

Tesla said the first deliveries of the new Model S should begin shortly, while the production pace of the Model Y in Shanghai continued to improve rapidly.

Tesla posted record deliveries in the first quarter despite a global chip shortage that has hit rivals in the auto sector, and Model Y production in China has spurred demand in that country.

Last year, the company weathered a market slowdown brought on by the pandemic and posted its first annual profit since its inception in 2003.

Still, the world’s most valuable automaker, whose shares grew more than eightfold last year, faces the challenge of living up to its valuation and living up to expectations.

In the United States, its comprehensive autonomous driving software faces new federal investigations following 28 Tesla vehicle accidents, including a recent one in Texas in which two people were killed.

The automaker, led by billionaire businessman Elon Musk, said revenue rose to $ 10.39 billion from $ 5.99 billion a year earlier. Analysts had expected revenue of $ 10.29 billion, according to IBES data from Refinitiv.

Adjusted earnings of 93 cents a share beat the consensus of Wall Street estimates of 79 cents.

(Report by Akanksha Rana and Hyunjoo Jin, Edited in Spanish by Javier López de Lérida and Rodrigo Charme)

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