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The company said it produced 440,808 EVs in Q1.
For the same period last year, Tesla delivered 310,000 EV units and a record 405,278 vehicles in the fourth quarter of 2022.
In 2022, vehicle deliveries rose 40% year-over-year to 1.31 million. For this year, analysts expect Tesla to deliver ~1.8M EVs.
Several analysts weighed in on Tesla ahead of the Q1 deliveries report. Most notably, CFRA analysts upgraded Tesla to Strong Buy from Buy with a price target of $275 per share.
“We think TSLA’s production likely benefited from easing chip shortages and supply chain issues and the ongoing ramp-up of the Austin and Berlin factories,” analysts wrote in a note.
On the other hand, Deutsche Bank analysts cut Q1 estimates for Tesla to EPS of $0.69, which is below Street’s $0.87.
“Q1 is positioned to be the trough for the year, and while management had indicated that it would still see auto GM (ex-credit, including FSD) remain in the 20%+ range at any single quarter in the year, much of this will depend on the volume/pricing dynamics and macro conditions throughout the year which in of itself is challenging to predict,” analysts said last week.
Tesla stock price closed at $207.46 on Friday to hit a new 4-week high. Shares are up 68.4% year-to-date (YTD).
By Senad Karaahmetovic
