Tesla Reports Delivery Numbers for Q1 while Another Tweet from Elon Musk Causes a Stir

Despite Model S and Model X production dropping to 0 in the first quarter, electric vehicle maker Tesla delivered 184,800 vehicles during Q1.

The company produced 180,338 cars during the time but all were Model 3 sedans and Model Y crossover SUVS. Tesla delivered 2,020 Model S Sedans and Model X SUVS during the quarter.

The number of vehicles that analysts had been expecting was just 168,000 for the period, per estimates by FactSet of April 1st. Estimates had a range of 145,000 to 188,000 deliveries.

The deliveries in the quarter also beat Tesla’s previous record of 180,570 deliveries in the last quarter.

In a statement, Tesla said there was “new equipment installed and tested in Q1” and that the company is now “in the early stages of ramping production” for updated versions of the S and X.

Back in January CEO Elon Musk had said, “We have been able to bring forward the Plaid Model S and X – Model S will be delivered in February and Model X a little later.”

He also had said that “The Model S Plaid, we’re actually in production now.”

The company’s Model S Plaid is a luxury sedan that can go from 0 to 60 miles per hour in less than seconds. Other features include that it can seat up to seven people with third row seats. The price ranges from $79,990 to $149,990 according to Tesla’s website.

Compared to the year ago quarter,delivery numbers this year represented over a 100% increase. Tesla Q1 deliveries increased a little over 2% from the quarter ending 2020 when Tesla delivered 180,570 vehicles.

At 2020’s annual shareholder meeting, CEO Elon Musk said he expected deliveries to hit a range between 477,750 and 514,500 cars for the year. The company had delivered 499,550 cars for the year. This was the best sales volume to date.

Tesla CFO Zachary Kirkhorn and Musk had declined to give specific guidance for 2021 deliveries during this earnings call but said they would offer more clarity during the second quarter.

Kirkhorn said on the call, “We continue to expect a long-term volume CAGR of 50%, of which we may materially exceed this in 2021.”

CEO Elon Musk tweeted early Friday morning that “I think there is a >0% chance Tesla could be the biggest company” and added, “probably within a few months” when asked by followers.

On March 29, Jeffries lowered its sprice target for Tesla from $775 to $700, with analyst Philippe Houchois writing in a note, “Legacy-free 30-50% net growth and 2-digit margin potential still support high multiples but Tesla is no longer unique as an EV play with preferred access to capital. Some of the edge started to erode, but only slowly and Tesla still leads on multiple fronts, from software to design-to-manufacture, speed of execution and direct selling.”

Disclaimer: We have no position in any of the companies mentioned and have not been compensated for this article.