Tesla, Inc. (NASDAQ:TSLA) shares rose more than 5% today following the company’s reported solid Q1/22 deliveries of 310,000 units, in line with Street estimates. Deutsche Bank analysts provided their views on the company, stating that the 310,000 units missed their previewed estimate of 320,000 units likely due to some impact from Covid lockdowns in Shanghai over the critical final week of the quarter.

Model 3+Y deliveries came in at 295,324, below Deutsche’s 307,000, while Model S+X deliveries were slightly ahead, at 14,724 units vs. Deutsche’s estimate of 12,659. Total production for the quarter was 305,407 units including 291,000 Model 3+Y and 15,000 Model S+X. This compares with Q4/21 delivery and production of 308,600/305,800 units, as the company continues to face challenging supply-chain conditions, but weathers it considerably better than the rest of the autos industry.

The 1.24 million+ unit annualized production achieved in Q1/22 represents a solid start to 2022, and, in the Deutsche analysts’ view, leaves it on track to achieve around 1.5 million units in 2022. Deutsche's modeled 1.5 million units for the year thus remain unchanged but the analysts lowered their Q1 revenue forecast from $16.9 billion to $16.6 billion and maintained their gross margin, leading to EPS of $2.31 vs. prior $2.36.