Tesla (TSLA) confirms new record deliveries, beats expectations

Tesla (TSLA) has confirmed its Q1 2023 delivery and production numbers – confirming a new record quarter for both and beating expectations.

With recent price drops and ramp-up in production capacity, Wall Street had high expectations for Tesla’s Q1 deliveries.

Analysts had a consensus of about 420,000 vehicles delivered during the first three months of 2023.

Today, Tesla released its official production and delivery results. The company confirmed that it beat delivery expectations with 422,875 vehicles delivered in Q1:

In the first quarter, we produced over 440,000 vehicles and delivered over 422,000 vehicles.

The automaker beat its previous record of 405,000 vehicles achieved in the last quarter (Q4 2022).

As for the ~18,000-vehicle gap between vehicles produced and delivered, Tesla again explains it with vehicles in transits as it attempts to move away from end-of-quarter delivery waves:

We continued to transition towards a more even regional mix of vehicle builds, including Model S/X vehicles in transit to EMEA and APAC.

Here’s the breakdown of Tesla’s production and deliveries for Q1 2023 based on each model:

Models Production Production Subject to operating lease accounting
Model S/X 19,437 10,695 10%
Model 3/Y 421,371 412,180 5%
Total: 440,808 422,875 5%

Electrek’s Take

As my delivery preview report stated, anything more than 420,000 deliveries would be good for Tesla.

The bigger concern is the growing inventory, especially when it comes to the Model S and Model X. Almost 9,000 Model S/X in inventory at the end of Q1 is a lot, but Tesla explains it by saying that many of those are in transit to Europe.

I am sure that’s true, but Tesla also had to pull out an incentive at the end of the quarter to sell Model S and Model X vehicles.

Therefore, it might be something worth keeping an eye on.

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