Electric-car maker Tesla reported first-quarter deliveries on Saturday. Tesla delivered approximately 310,000 vehicles in Q1. This is up from 309,000 in the fourth quarter of 2021 but represents a staggering year-over-year growth rate of 68%. The underperformance likely took some investors by surprise because the sequential growth was the slowest Tesla has seen in years. There’s still good reason to expect sequential growth to reaccelerate later this year, particularly in the back half of 2022. Despite supply shortages and a production pause in China, Tesla’s full-year guidance for 50% growth this year may be conservative enough for the company to still easily surpass this range, especially if some supply constraints are alleviated in the second half of the year. . . .
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