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Tesla delivered 184,800 vehicles in the first quarter of 2021, Model S and X production dropped to zero

In total, Tesla delivered 184,800 vehicles and produced 180,338 cars.

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Tesla just reported first-quarter vehicle production and delivery numbers for 2021. In total, it delivered 184,800 vehicles and produced 180,338 cars.

Analysts were expecting Tesla to deliver around 168,000 vehicles during this period, according to estimates compiled by FactSet as of April 1. Estimates ranged from 145,000 to 188,000 deliveries.

The Q1 deliveries beat Tesla’s previous record of 180,570 deliveries in Q4 2020.

All of the electric vehicles it produced were Model 3 sedans and Model Y crossover SUVs during the quarter, and it didn’t produce any of its more expensive Model S sedans and Model X SUVs.

It delivered 2,020 Model S and Model X vehicles from inventory, however representing just 1% of its total deliveries. In a statement, Tesla wrote that with “new equipment installed and tested in Q1” the company is now “in the early stages of ramping production” for updated versions of the S and X.

During its most recent earnings call on January 27, Tesla CEO Elon Musk said: “We have been able to bring forward the Plaid Model S and X – Model S will be delivered in February and Model X a little later.” He added that “The Model S Plaid, we’re actually in production now.”

The Model S plaid is a luxury sedan that the company promises will go from 0 to 60 miles per hour in less than 2 seconds, and that can seat up to seven people with third-row seats. Importantly for Tesla automotive margins, the Model S and X have a higher average sales price than the S and Y. The Model S plaid costs from $79,990 to $149,990 according to Tesla’s website.

But Tesla’s operations during the quarter ending March 31, 2021, were ultimately impacted by a fire at its Fremont, California factory, temporary closures that Musk attributed to parts shortages, a broader chip shortage in the industry, port capacity issues and the ongoing pandemic.

Tesla’s latest delivery numbers represented more than a 100% increase from the same period last year when the company first began deliveries and volume production of Model Y. However, Tesla Q1 deliveries increased by just over 2% from the quarter ending 2020 when Tesla delivered 180,570 vehicles.

Deliveries are the closest approximation to sales numbers reported by Tesla.

During the company’s most recent earnings call, CFO Zachary Kirkhorn said that in 2021: “Specifically for Q1, our volumes will have the benefit of early Model Y ramp in Shanghai. However, S and X production will be low due to the transition to the newly re-architected products.”

At an annual shareholder meeting in 2020, CEO Elon Musk told shareholders he expected deliveries to hit an implied range between 477,750 and 514,500 cars for the year. Tesla hit the mid-range of that window, delivering 499,550 cars for the year, its best sales volume to date.

Musk and Kirkhorn declined to give specific guidance for 2021 deliveries during that call but said they would offer more clarity during the second quarter. Kirkhorn said on the call: “We continue to expect a long-term volume CAGR of 50%, of which we may materially exceed this in 2021.” This goal was reiterated by Tesla’s then-President of Automotive Jerome Guillen on the same call. (Guillen has moved into the role of President of Heavy Trucking since then.)

Fans and critics will both be watching to see whether new battery electric vehicles hitting the market will begin to erode Tesla’s lead in the category, or take away more from sales of internal combustion engine and hybrid vehicles. Startups and big automakers alike are introducing more EV models than ever before.

On March 29, Jeffries reduced its price target for Tesla from $775 to $700, with analyst Philippe Houchois writing in a note:

“Legacy-free 30-50% net growth and 2-digit margin potential still support high multiples but Tesla is no longer unique as an EV play with preferred access to capital. Some of the edge started to erode, but only slowly and Tesla still leads on multiple fronts, from software to design-to-manufacture, speed of execution and direct selling.”

— CNBC’s Jordan Novet contributed reporting.

Source: https://www.cnbc.com/2021/04/02/tesla-tsla-q1-2021-vehicle-production-and-delivery-numbers.html

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Stitch Fix shares surge as online styling service reports surprise profit

Stitch Fix shares jumped after the online shopping and styling service reported a surprise profit for its fiscal fourth quarter.

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The Stitch Fix application for download in the Apple App Store on a smartphone arranged in Hastings-on-Hudson, New York, U.S., on Saturday, June 5, 2021. Stitch Fix Inc. is scheduled to release earning on June 7.

Tiffany Hagler-Geard | Bloomberg | Getty Images

Stitch Fix shares jumped 14% in extended trading Tuesday after the online shopping and styling service reported a surprise profit for its fiscal fourth quarter.

Sales for the three-month period ended July 31 also came in higher than analysts were expecting, thanks to outsized growth in Stitch Fix’s women’s and kids’ categories. Menswear has been growing more slowly, the company said.

Consumers have been splurging on new outfits in recent months, as many head back to school and return to social gatherings. Some have also citied the need for new clothes after either gaining or losing weight during the Covid pandemic.

Here’s how Stitch Fix did compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:

  • Earnings per share: 19 cents vs. a loss of 13 cents expected
  • Revenue: $571.2 million vs. $548 million expected

Net income attributable to shareholders was $28 million, or 19 cents per share, in the latest period. A year ago, it posted a net loss of $44.5 million, or 44 cents a share. Analysts had been looking for the company to book a loss of 13 cents per share.

Revenue grew to $571.2 million from $443.4 million a year earlier. That was better than analysts’ expectations for $548 million.

Stitch Fix reported nearly 4.2 million active clients, up 18% from a year earlier. The company said net revenue per active client was $505, surpassing the $500 threshold for the first time ever. Customers have been purchasing more items to keep at home, Stitch Fix said, as they have more brands and price points to choose from.

Stitch Fix defines active clients as people who either ordered a “Fix” subscription or bought an item directly from its website in the preceding 52 weeks from the final day of the quarter.

The company also said it had its lowest ever churn rate at the end of the period, meaning its customers are sticking around.

Last month, Stitch Fix finally opened up its direct-buy option, which is now known as “Freestyle,” to the public. This allows people to shop Stitch Fix for individual items of clothing, without needing to sign up for a subscription.

CEO Elizabeth Spaulding said this should help Stitch Fix grow its addressable market in the year ahead. The company’s next initiative will be to market and raise broader awareness around the offering, she said. Stitch Fix is preparing to roll out a national advertising campaign on the debut.

Early indications are that “Freestyle” is meaningfully accretive to the company’s revenue per active client metric, Spaulding told analysts on a conference call.

“Clients have agency, flexibility and choice while also experiencing a highly personalized shopping experience,” Spaulding said.

For its fiscal first quarter, Stitch Fix said it sees sales in a range of $560 million to $575 million. That’s below analysts’ expectations for $588 million.

For the upcoming fiscal year, Stitch Fix anticipates sales rising 15% or more from the prior year. Analysts polled by Refinitiv had been looking for an 18% increase.

While the entire retail industry is working through supply chain complications, Stitch Fix said it is seeing a small impact, but nothing that will hurt the business in the fall and winter months. The company said it is less reliant on Vietnam, where manufacturing has largely come to a standstill due to ongoing pandemic lockdowns in the region.

As of Tuesday’s market close, Stitch Fix shares have fallen nearly 39% this year. The company has a market cap of $3.8 billion.

Find the full press release from Stitch Fix here.

Sales for the three-month period ended July 31 also came in higher than analysts were expecting, thanks to outsized growth in Stitch Fix’s women’s and kids’ categories. Menswear has been growing more slowly, the company said.

Source: https://www.cnbc.com/2021/09/21/stitch-fix-sfix-q4-2021-earnings.html

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Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis.

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