Tesla Inc (NASDAQ:TSLA) increased electric vehicle deliveries in the first quarter but not as high as Wall Street expected, due to global supply-chain disruptions and a brief Covid-19 factory shutdown in Shanghai.
Elon Musk, the company's chief executive, tweeted that the past quarter was "exceptionally difficult" as a result of supply chain interruptions and China's zero-covid policy.
"Outstanding work by Tesla team & key suppliers saved the day," he said.
Despite the global pandemic and supply chain disruptions, Tesla has maintained a large EV lead over its older rivals.
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Tesla delivered 310,048 vehicles in the quarter, a slight increase over the previous quarter and up 68% over a year ago, according to a statement Saturday.
Analysts had expected Tesla to produce 312,000 cars, but sales increased even as the company dealt with a global shortage of computer chips.
For comparison, Volkswagen delivered 160,000 battery EVs in its last published quarter, China's Nio 25,768, while in the whole of 2021 Ford Motor delivered 27,140.
For Tesla, the China plant suspension and supply chain disruptions weighed on production, though the company still produced 305,407 vehicles between January and March, down from 305,840 in the previous quarter.
In February, the company said it anticipated a 50% annual growth in sales, or 1.4mln vehicles to be delivered this year. However, Elon Musk told analysts on a conference call that the chip shortage would prevent the company from rolling out any new models this year.
In the first quarter, the company opened a new factory in Germany, and last year it began producing the Model Y small SUV at a new factory near Austin, Texas.