April 26 Reuters Tesla Inc marginally beat Wall Street expectations for firstquarter revenue on Monday boosted by record deliveries, robust demand from China and environmental credit sales.
Tesla posted record deliveries in the first quarter despite a global chip shortage that has slammed auto sector rivals. Model Y production in China has spurred demand there.
Still, the worlds most valuable automaker, whose shares jumped more than eightfold last year, faces challenges of living up to its valuation and managing expectations.
Shares of the company were down about 3 in extended trading.
The Street was looking for a much more substantial beat on revenue, which instead came just inline with expectations, said Jesse Cohen, senior analyst at Investing.com.
Tesla said it expects this years volume growth to exceed 50, while saying that it is on track to start production and deliveries at its planned factories in Texas and Berlin this year.
The company said it was able to navigate through global chip supply shortage issues in part by pivoting quickly to new chips, while simultaneously developing software for chips made by new suppliers.
However, its vehicle average selling price fell by 13 as production of pricier Model S and Model X vehicles ground to a halt ahead of major updates.
Tesla said first deliveries of the new Model S should start shortly, while Model Y production rate in Shanghai continued to improve.
In the United States, its full selfdriving software is…