© Reuters. FILE PHOTO: A Tesla logo on a Model S is photographed inside of a Tesla dealership in New York
(Reuters) -Tesla Inc on Friday beat Wall Street estimates for first-quarter deliveries, as solid demand offset the impact from a global shortage of parts.
Under the leadership of CEO Elon Musk, Tesla (NASDAQ:) has expanded its footprint in the past year, bucking a pandemic and economic upheaval with steady sales and profitable quarters at a time when many carmakers reported losses.
“We are encouraged by the strong reception of the Model Y in China and are quickly progressing to 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 Q1 and we are in the early stages of ramping production,” it added.
The electric-car maker delivered 184,800 vehicles during the first quarter, above estimates of 177,822 vehicles, according to Refinitiv data.
Tesla’s total production in the first quarter rose marginally to 180,338 vehicles compared with the fourth-quarter production of 179,757 vehicles.
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