According to data from the China Passenger Car Association (CPCA), Tesla China sold 65,814 vehicles in March 2022, closing the month and quarter off strong. For comparison, Tesla China reported wholesale figures of 59,845 units for January 2022 and 56,515 vehicles sold in February 2022.
In total, Tesla China sold 182,174 units in Q1 2022. Overall, Tesla delivered 182,174 in the first quarter. So Made-in-China vehicles made up 58% of Tesla’s total delivery numbers in Q1 2022, revealing Giga Shanghai’s significant contributions this year so far.
Tesla China’s stellar numbers in March hint that China’s Covid-19 issues did not impair Giga Shanghai’s production to a large degree. Usually, Tesla ramps deliveries significantly at the end of each quarter, but Giga Shanghai couldn’t do that this year because of China’s Covid-19 outbreak. Tesla, along with several other companies, is lobbying for the Chinese government to ease transport restraints as COVID-19 cases increase again.
Still, Tesla managed to meet Wall Street’s expectations for Q1 2020. TSLA bulls seem confident that the company can maintain its performance throughout the year.
“So the last week of the quarter where they usually cram all these local deliveries, you know, to try to make numbers. And so this has been a critical week. They were shut down. It really shows that they were tracking ahead of this before that, which had been essentially our expectation. More broadly, we’ve seen Tesla execute incredibly well in a challenging supply chain environment as well,” noted Deutsche Bank analyst Emmanuel Rosner.
Tesla will hold an earnings call on Wednesday, April 20, 2022, at 4:30 p.m. Central Time (5:30 p.m. Eastern Time).
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