Wednesday, May 22, 2024
NewsTesla Benefits from High Fuel Price, Could Post its Best Quarter Ever

Tesla Benefits from High Fuel Price, Could Post its Best Quarter Ever

Tesla is expected to post its best sales figures ever for the first quarter of the year.

  • The war in Ukraine has led to more expensive fuel around the world

  • More and more people are buying electric cars to avoid paying for fuel

  • Tesla is expected to have had its best quarter yet

Automakers are about to release their financial statements and sales figures for the first quarter of 2022 and Tesla is expected to post its best results ever, due in large part to the increasing fuel prices.

Since the war in Ukraine began, the price of oil products ahs skyrocketed, mainly since Russia is one of the leading oil producing countries. In order to sanction Russia’s actions, many countries, including the United States and Canada, have pledged to stop buying Russian oil, which has reduced the supply of available fuel.

This has negatively affected many people, but not EV automakers. Indeed, more and more consumers are turning towards electric vehicles on order to avoid paying more for fuel and this has benefitted Tesla.

The most successful electric vehicle company has been posting sales record quarter after quarter every year in spite of the multiple challenges which the automotive industry has faced over the last two years.

Tesla has been able to cope with the electronic chip and semi-conductor shortages brought on by the pandemic better than most other automakers and it has mostly avoided the shortages caused by the war in Ukraine. Now, the company is benefitting from these high fuel prices that are turning buyers away from their gasoline powered competition.

For the first three months of 2022, Tesla is expected to announce global sales figures reaching 309,158 vehicles, which is about 1,100 deliveries more than during the last quarter of 2021. This is in spite of a closure of the Shanghai Gigafactory due to rising Covid cases.

Even more impressive, this is only about 58,000 units less than it sold in an entire year back in 2019.

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