Wider supply-chain disruption is also affecting trading across the EV market, which is likely to be reflected in the US giant’s first-quarter results on Wednesday.
Sophie Lund-Yates, equity analyst at Hargreaves Lansdown, said: “If production and deliveries are too badly impaired, it will throw Tesla’s operating leverage dynamics through a loop, taking margins with it. While indicators aren’t flashing red, it’s something to keep in mind.
“Declines are also being seen in the value of regulatory credits the group receives. Tesla earns credits in recognition of its zero-emission vehicles and sells them to other manufacturers who need to offset their emissions.
“In the past, Tesla has earned more credits as more vehicles have hit the road, but these credits are becoming less valuable, so there’ll be a focus on how this trend has progressed.”
Michael Hewson of CMC Markets said that after producing a total of 936,172 vehicles in 2021, there are hopes that 2022 will see Tesla push that total strongly above the million mark, and possibly more than 1.3 million.
“For Q1 of this year the company announced earlier this month that it had managed to deliver over 310,000 vehicles, which was another record. However it was below expectations largely down to supply-chain disruptions, which affected output levels,” he said.
“On the plus side, the new plant in Germany has finally opened, albeit later than scheduled.”