Published , by TJ Denzer
Published , by TJ Denzer
Tesla (TSLA)’s Q1 2021 kicked off quite strong. The company has shipped a record number of vehicles and put a hugely strong quarter in the process. As might be expected, Elon Musk was part of the opening of the call, sharing a wealth of details and highlights about the previous quarter. For one, the Tesla Model 3 was the best-selling luxury sedan of the previous quarter. And with momentum the company is facing, Musk and Tesla believes that the Model Y could become the best selling car of any kind in 2022.
Musk shared this forecast during the opening statements of the Tesla (TSLA) Q1 2022 earnings results and conference call on April 26, 2021. One of the standout points of the previous quarter was that even though the company thought demand might be down over the previous quarter, it instead rose substantially. This allowed the Tesla Model 3 to become the best-selling luxury sedan in the world during the previous quarter. What does this mean for the future? With the current trends and future expectations, Musk and Tesla believe that the Model Y compact SUV has the potential to become the best-selling car in the world.
Tesla’s faith in the Model Y isn’t entirely unfounded. Last year, even as the company faced difficulties due to COVID-19 restrictions, demand for Tesla products remained very strong. With the company regaining full productive ability as restrictions loosen in 2021, it shipped a record number of vehicles across its Q1 2021 period. With Model Y production ramping up in facilities in Shanghai to meet demand, more vehicles will be available to meet the hefty demand of buyers.
Be sure to check out the full Tesla (TSLA) Q1 2021 press release on its investor relations website to check out the full official earnings results and details of the previous quarter.