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Tesla Beats Wall Street Forecasts With 184,800 First-Quarter Deliveries

Strong China demand supported a stronger-than-expected first-quarter delivery total for Tesla, with a headline number of just under 185,000.

Tesla TSLA reported stronger-than-expected vehicle deliveries for the first quarter Friday, paced by its mid-priced Model 3 sedan and China demand for its new Model Y.

Tesla delivered 184,800 new cars over the three months ended in March, the company said in a Friday statement, up more than 100% from last year and 2.4% from the 180,570 reached in the fourth quarter of last year but largely ahead of Wall Street estimates of around 177,000 vehicles. Tesla's year-end 2020 total was a record 499,500. 

"We are encouraged by the strong reception of the Model Y in China and are quickly progressing to full production capacity," Tesla said in a statement alongside the production numbers. "The new Model S and Model X have also been exceptionally well received, with the new equipment installed and tested in Q1 and we are in the early stages of ramping production."

Tesla shares were marked 0.6% lower premarket trading Friday to indicate a Monday opening bell price of $658 each. The stock has fallen nearly 27%, however, since reaching an intra-day record of $900.40 each on January 25.

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Tesla produced 180,338 Model 3s/Ys, the company said, and delivered 182,780. A further 2,020 Model S/X cars were added to the delivery total.

Tesla sold 18,318 of its China-made cars in February, the China Passenger Car Association (CPCA) reported on March 8, up from 3,900 over the same period last year. Tesla's China sales were around a fifth of its overall total in 2020 - when it delivered a record 499,550 vehicles - up from just 12% in 2019.

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