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Tesla (NASDAQ:TSLA) has released its vehicle delivery and production report for the first quarter of 2023. As per the electric vehicle maker, Tesla was able to produce over 440,000 vehicles and deliver more than 422,000 electric cars in Q1 2023.
Specifically, Tesla produced a total of 421,371 Model 3/Y and 19,437 Model S/Model X from January to March, totaling 440,808 vehicles. Tesla also delivered a total of 412,180 Model 3/Y and 10,695 Model S/X in the first quarter, for a total of 422,875 units.
In its announcement, Tesla noted that it is continuing its transition towards a more regional mix of vehicle builds. These include Model S/X vehicles that are in transit to the EMEA and APAC regions.
As noted by The Future Fund Managing Partner Gary Black, Tesla’s Q1 2023 results beat Wall Street’s estimates, which were at 421,000. The company’s vehicle delivery and production results are also a new quarterly record, beating Q4 2022’s 405,278 deliveries.
“Tesla delivered 423K EVs in 1Q, ahead of WS estimates of 421K and easily a new quarterly record (4Q 405K). 1Q Production was 440.8K, or DIO of 16 (up from 13 in 4Q), which is respectable given efforts to smooth the delivery wave. 1Q deliveries up +36% vs YA of 310K,” Black wrote on Twitter. However, the Wall Street veteran noted that TSLA stock might see a neutral reaction tomorrow considering its run-up last week.
Considering that the first quarter saw the Chinese New Year holiday in China and February was only 28 days this year, Tesla’s production of over 440,000 vehicles and delivery of over 422,000 electric cars is extremely impressive. It also bodes well for the company’s performance in the coming quarters this year.
Apart from its Q1 2023 vehicle production and delivery report, Tesla also released the date for its first-quarter earnings call. As per the electric vehicle maker, the Q1 2023 Update Letter will be posted after market close on Wednesday, April 19, 2023. The Q1 2023 earnings call itself will be held at 4:30 p.m. Central Time (5:30 p.m. Eastern Time). Similar to past earnings calls, the event will be live-streamed.
Disclosure: I own TSLA.
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