PALO ALTO (AP) — Tesla says it delivered practically 185,000 electrical autos within the first quarter regardless of a scarcity of pc chips that has hit the worldwide auto business.

The quantity was greater than double the deliveries for a similar interval final 12 months. And it beat Wall Avenue estimates of 168,000 for January by March. The Bay Space-based firm says in an announcement that the Mannequin Y small SUV in China has been effectively obtained.

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Tesla lists no manufacturing figures for its older fashions, the S sedan and X SUV, through the quarter, but it surely delivered simply over 2,000 of them. It says new gear has been put in on the Fremont, California, manufacturing unit and manufacturing of latest variations is within the early phases.

The robust gross sales are an indication that demand for the corporate’s comparatively costly autos stays robust regardless of the pandemic. Analysts polled by knowledge supplier FactSet estimate that the typical promoting worth of a Tesla is $49,100.

Shares of Tesla Inc. are down greater than 9% to date this 12 months as among the shine wore off electrical automobile and tech shares, which had skilled a giant runup final 12 months. The inventory closed Thursday down just below 1% at $661.75. Markets are closed for the Good Friday vacation.

Tesla bought just below 500,000 autos final 12 months, barely lacking a goal set by CEO Elon Musk. The corporate hasn’t given a lot steerage for this 12 months’s gross sales figures.

Wedbush analyst Dan Ives known as the first-quarter numbers a “jaw dropper,” and an enormous residence run within the eyes of bullish buyers. “We imagine China and Europe had been notably strong this quarter because the trajectory now places Musk & Co. to exceed 850k for the 12 months which is effectively forward of whisper expectations,” he wrote Friday.

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The Mannequin 3 small automotive and the Mannequin Y accounted for practically the entire Palo Alto firm’s first-quarter gross sales. Tesla mentioned it bought 182,780 of each fashions mixed.

Ives wrote that analysts anticipated greater than 12,000 gross sales of Fashions S and X, with the miss pushed by the chip scarcity.

The robust gross sales got here although the corporate shut down a lot of its Fremont manufacturing for a number of weeks in late February and early March. It didn’t say why, but it surely’s doubtless that the corporate ran wanting pc chips.

President Joe Biden’s announcement this week of $174 billion in spending on electrical automobile incentives and charging stations, and rising world demand for electrical autos ought to shift sentiment towards Tesla inventory, Ives wrote.

“It’s been a brutal sell-off for Tesla and EVs, however we imagine that may now be within the rearview mirror,” he wrote.

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