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Tesla Delivers Record Vehicles in Q1;  Production falls as China shutdown weighs

Tesla announced record first-quarter electric vehicle deliveries, but its production fell from the previous quarter due to supply chain disruptions and the suspension of a factory in China.
“This was an *unusually* challenging quarter due to supply chain disruptions and China’s zero Covid policy,” CEO Elon Musk tweeted.

Tesla delivered 310,048 vehicles during the quarter, a slight increase from the previous quarter and a 68% increase over the prior year. Wall Street expected deliveries of 308,836 cars, according to Refinitiv data.

Tesla produced 305,407 vehicles in the January-March period, compared to 305,840 the previous quarter.

Tesla, the world’s most valuable automaker, has boosted sales, weathering the pandemic and supply chain disruptions better than rivals and with its new factory in China’s Shanghai driving growth.

But a recent spike in COVID-19 cases in China has forced Tesla to temporarily halt production at its Shanghai factory as the city goes into lockdown to test residents for the disease.

Tesla said it sold a total of 295,324 Model 3 sedans and Model Y sport utility vehicles, while it delivered 14,724 Model S luxury sedans and Model X premium SUVs.

As Tesla continues to add controversial features to its cars, its run-ins with US federal safety regulators have become frequent. In the company’s latest disappointment, it had to recall 947 of its sold models – 2018-2019 Model S, Model X and 2017-2020 Model 3 – due to the likelihood of the rear view image not showing. not in time. All of these vehicles were sold in the United States.

Tesla is set to seek investor approval to increase its stock count to allow for a stock split in the form of a dividend. The proposal has been approved by its board of directors and shareholders will vote on it at the annual meeting. The stock split, if approved, would be the last after a five-for-one split in August 2020 that made Tesla shares cheaper for its employees and investors.

Telsa, which debuted at $17 per share in 2010, is trading above $1,000. Since the stock split in 2020, they have jumped 128%, pushing the company’s market capitalization above $1 trillion and making it the largest U.S. automaker by that measure.

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