Tesla has started the year strongly, with first quarter car production, deliveries and profits strongly up.
In the first quarter, Tesla produced just over 180,000 vehicles (+76% year-on-year) and delivered nearly 185,000 vehicles (+109%) – a record for the company. Tesla said it was encouraged by the strong reception of the Model Y in China and that it is quickly progressing to full production capacity.
The new Model S and Model X have also been exceptionally well received, it said, with the new equipment installed and tested in Q1.
Tesla said it we achieved its highest ever vehicle production and deliveries in spite of multiple challenges, including seasonality, supply chain instability and the transition to the new Model S and Model X. First quarter net income reached $438m and non-GAAP net income surpassed $1bn (at $1.1bn, +363% year-on-year) for the first time in the company’s history.
Tesla said total revenue grew 74% YoY in Q1 ($10.4bn). This, it said, was primarily achieved through substantial growth in vehicle deliveries, as well as growth in other parts of the business. At the same time, vehicle average selling price (ASP) declined by 13% YoY as Model S and Model X deliveries reduced in Q1 due to the product updates and as lower ASP China-made vehicles became a larger percentage of the sales mix.
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Tesla also noted that ICE vehicles comprised 97% of cars sold globally in 2020 and 98% of Tesla trade-ins. However, it said that as more OEMs 'join our mission by launching EVs, we believe consumer confidence in EVs continues to increase and more customers are willing to make the switch. Tesla said its Q1 order rate was the strongest in its history and 'we are moving as quickly as possible to add more production capacity'.