Yahoo Finance Tesla (TSLA) Q1 Deliveries Hit a New Record, Rise 4% Q/Q
Starting this year, Tesla TSLA changed the prices of its models quite a few times and registered a record number of quarterly deliveries.
During first-quarter 2023, the company delivered 422,875 vehicles compared with 310,048 reported in the same period of 2022 and 405,278 reported in fourth-quarter 2022, surpassing the Zacks Consensus Estimate of 412,884 deliveries. The EV manufacturer produced 440,808 vehicles in first-quarter 2023, up from 305,407 reported in the same period of 2022 and 439,701 in fourth-quarter 2022, missing the Zacks Consensus Estimate of 452,468 vehicles.
In February, the electric vehicle pioneer raised its Model Y’s price for the second time after consecutively slashing prices in January. It increased the cost of the high-demand EV Model Y Long Range by $1,000 and the Model Y performance crossover by $1,000. However, it slashed the price of its cheapest rear-wheel-drive Model 3 sedan by $500 to make it 9% cheaper.
The number of deliveries for Model S/X stood at 10,695, down from 14,724 reported in the first quarter of 2022 and 17,147 reported in the fourth quarter of 2022. The number of deliveries also lagged the Zacks Consensus Estimate of 18,745 vehicles. On the contrary, the number of deliveries for Model 3/Y stood at 412,180, up from 295,324 reported first quarter of 2022 and 388,131 reported in the fourth quarter of 2022. The number of deliveries also surpassed the Zacks estimate of 390,820.
In 2022, Tesla made a total of 1.3 million deliveries. In January 2023, Chief Executive Elon Musk estimated that the number of deliveries could touch the 2 million mark in the current year.
The recent ruling by Treasury Department states that electric vehicle crossovers priced below $80,000 will qualify for tax credits. Some of Tesla’s EVs qualify for a U.S. federal tax credit of $7,500.
Zacks Rank & Key Picks
TSLA currently carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
A few top-ranked players in the auto space are Geely Automobile Holdings Limited GELYY, Modine Manufacturing Company MOD and Wabash National Corporation WNC, all of which sport a Zacks Rank #1.
Geely is engaged in automobile manufacturing and related areas. The Zacks Consensus Estimates for GELYY’s 2023 sales and earnings imply year-over-year growth of around 57.5% and 7.4%, respectively.
Modine operates primarily in a single industry of manufacturing and selling heat transfer equipment. The Zacks Consensus Estimate for MOD’s 2023 sales implies year-over-year growth of roughly 11.4%.
Wabash is one of the leading manufacturers of semi-trailers in North America. The Zacks Consensus Estimate for WNC’s 2023 sales and earnings implies year-over-year growth of around 13.1% and 28.9%, respectively.
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