Tesla Inc.’s quarterly sales zoomed past expectations, leading one analyst to call them a “drop the mic” number despite earlier Wall Street worries about chip and parts shortages that have plagued the auto industry.
“yet again defied the skeptics and bears,” Dan Ives with Wedbush said in a note Friday.
The strength in the quarter was driven by Model 3 and Model Y sales, he said. Wall Street had braced for the impact of shortages on Tesla sales, making the above-expectations sales “a massive homerun in the eyes of the bulls,” Ives said.
Tesla earlier Friday reported that first-quarter deliveries, its proxy for sales, totaled 184,800 vehicles, blowing past the FactSet consensus of 168,000. The Silicon Valley electric-car maker said it produced just over 180,000 vehicles in the period.
Tesla sold 182,780 of its Model 3 sedan and Model Y compact SUV. The FactSet consensus was for 122,600 Model 3s and about 10,000 Model Ys.
The company said in a statement that it was “encouraged by the strong reception of the Model Y in China and are quickly progressing to full production capacity.” Tesla sold 88,000 vehicles in the first quarter of 2020, a period marred by pandemic-related factory shutdowns.