Tesla has announced that its first quarter deliveries have hit 184,800, growing significantly year over year from 88,400 deliveries during the first quarter of 2020. The delivery number topped delivery estimates and were reportedly driven by strong demand in China.
That growth consists entirely of Model Y and Model 3 deliveries, as Model S and Model X deliveries have fallen off significantly compared to the previous year. Model 3 and Y deliveries are up nearly 140% combined, while Model S and X deliveries have fallen 83% since Q1 of 2020.
The y/y growth announced is a good sign for Tesla bulls, some of whom are predicting over 1,000,000 deliveries during 2021. However, competition in the EV industry is beginning to heat up. Companies like Ford, GM, Nio, and Volkswagen are each investing heavily to unseat Tesla as the market leader in electric cars despite over a decade of leadership from Musk’s company.
The next 5 years will be critical as dozens of competing EVs are expected to hit the market and Tesla seeks to defend its reputation as the dominant force in the industry.