While warning of ‘tough quarter’, Elon Musk encourages Tesla staff
As per records, in the first three months of the year, the Tesla delivered 310,048 cars — a quarterly record that came in above analysts forecasts — as supply chain challenges were offset by accelerating EV adoption. Analysts are forecasting Tesla will deliver about 296,000 units this quarter,
Tesla Inc. has had a “very tough quarter” as it is struggling with supply-chain problems, Chief Executive Officer Elon Musk warned in an internal memo, encouraging workers to help get the electric-vehicle maker back on track.
“This has been a very tough quarter, primarily due to supply chain and production challenges in China,” Musk said in an email to employees over the weekend that was seen by Bloomberg. “So we need to rally hard to recover!”
- Advertisement -
The company’s Shanghai plant, which had slowed production in recent weeks because of severe Covid-19 restrictions, is returning to full strength and its Austin, Texas, facility is ramping up production as well, Musk said. Last week, Tesla’s Berlin factory built almost 1,000 cars, while its Fremont, California, plant notched a record day of production, said Musk.
In the initial three months of the year, Tesla delivered 310,048 cars — a quarterly record that came in above analysts forecasts — as supply chain challenges were offset by accelerating EV adoption. Analysts are estimating that Tesla will deliver about 296,000 units this quarter, according to data compiled by Bloomberg.
Tesla’s shares declined 5% at 12:06 p.m. in New York amid a broad market decline. The stock had fallen 34% this year through Friday’s close, worse than the decline in the S&P 500.