SAN FRANCISCO : Tesla Inc is expected to end its nearly two-year-long run of record quarterly deliveries as a prolonged COVID-related shutdown in Shanghai hit its production and supply chain, highlighting the risks of its reliance on China.
This would be down from its record deliveries of 310,048 the preceding quarter, marking Tesla's first quarter-on-quarter decline in deliveries since the first quarter of 2020. But China's prolonged zero-COVID lockdown - Wedbush analyst Dan Ives called it Tesla's"albatross" this quarter - caused deeper disruptions to output than Musk predicted. Tesla's low-cost, lucrative Shanghai factory produced roughly half of the company's total cars delivered last year, and Ives estimated the shutdown wiped out about 70,000 units in the quarter.
"The key question is the magnitude of the decline and whether the Fremont factory was able to help support volumes," CFRA Research analyst Garrett Nelson said.
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