Gene and Doug discuss Tesla’s December-21 quarter delivery numbers and conclude that results fall between impressive and insanely good.
Takeaways:
- Tesla delivery growth was 71% y/y, ahead of 48% expectations. In the Sep-21 quarter, deliveries grew by 73% y/y.
- Such upside in a normal production environment is impressive; even more impressive is the ability to do so with current supply headwinds.
- Demand for Tesla cars remains strong, as evidenced by the company quoting 3 month lead times for Model 3 and six months for Model Y.
- Street numbers for Tesla deliveries will likely rise above 1.3m, compared to around 1.25m previously.
- We continue to expect that Rivian and Lucid will face production challenges in 2022.