Tesla, unlike other automakers, sees a strong increase in sales

Tesla, the world’s largest electric car maker, reported a surge in global sales in the first three months of the year on Saturday. overc...

Tesla, the world’s largest electric car maker, reported a surge in global sales in the first three months of the year on Saturday. overcame supply chain issues and has approached production levels comparable to those of established luxury automakers like BMW and Mercedes-Benz.

Tesla said it delivered 310,000 vehicles from January to March, compared to 185,000 cars during the same period in 2021, which is roughly in line with Wall Street expectations. The nearly 70% increase contrasts with major automakers like General Motors and Toyotawhich reported sharp declines in sales on Friday due to shortages of key components.

The first-quarter increase builds on Tesla’s momentum from a year ago, when it nearly doubled sales to just under a million cars and overtook Volvo and Subaru. Tesla coped better with an industry-wide shortage of computer chips because its mastery of software allowed it to replace available chips with those that were in short supply.

First-quarter sales were “a positive step in the right direction for Tesla’s next stage of growth,” Wedbush Securities’ Daniel Ives and John Katsingris said in a note on Saturday, though they acknowledged that some analysts expected more.

You’re here said on Saturday that it was able to achieve the increase in sales “despite continued supply chain challenges and plant closures.” Tesla has had to suspend production at its Shanghai operation on several occasions due to local government-mandated shutdowns.

Tesla’s first-quarter sales were virtually unchanged from the fourth quarter of 2021, when it delivered 309,000 vehicles. The Tesla Model 3 sedan and the Model Y sport utility vehicle accounted for almost all of the sales volume.

Some analysts believe Tesla could sell 2 million vehicles in 2022 now that a factory near Berlin began producing the Model Y for European customers, challenging the German automakers who dominate the luxury market. Tesla sells far more electric vehicles than any other automaker, and battery-powered cars are grow faster than any other class of vehicle. Sales of these cars could increase further as gasoline prices soar and remain high. Tesla’s $1 trillion market valuation is a sign that, as far as Wall Street is concerned, it is poised to dominate the industry.

At the same time, the market for electric cars is increasingly crowded, as established automakers belatedly offer more battery-powered models that resonate with buyers, like the Ford Mustang Mach E or the Volkswagen ID.4. Traditional automakers could start taking a bigger share of the electric car market if, as some industry executives predict, the semiconductor shortage eases later this year.

Tesla will release its profit and revenue figures on April 20, the company announced on Saturday.

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Newsrust - US Top News: Tesla, unlike other automakers, sees a strong increase in sales
Tesla, unlike other automakers, sees a strong increase in sales
Newsrust - US Top News
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