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Tesla Delivers Record Vehicles in Q1

A Tesla sales and service center is shown in Costa Mesa, California, US June 28, 2018. REUTERS/Mike Blake/File Photo
A Tesla sales and service center is shown in Costa Mesa, California, US June 28, 2018. REUTERS/Mike Blake/File Photo
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Tesla Delivers Record Vehicles in Q1

A Tesla sales and service center is shown in Costa Mesa, California, US June 28, 2018. REUTERS/Mike Blake/File Photo
A Tesla sales and service center is shown in Costa Mesa, California, US June 28, 2018. REUTERS/Mike Blake/File Photo

Tesla Inc on Saturday reported record electric vehicle deliveries for the first quarter, driven by a ramp up in production at its Shanghai factory.

Tesla delivered 310,048 vehicles in the quarter, while Wall Street had expected deliveries of 308,836 cars, according to Refinitiv data.

Tesla said it sold a total of 295,324 Model 3 sedans and Model Y sport utility vehicles.

It delivered 14,724 Model S luxury sedans and Model X premium SUVs, up from 11,750 in the fourth quarter of 2021.

Analysts expected Tesla to deliver 15,066 Model S and Model X cars and 280,000 Model 3 and Model Y vehicles.

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China Vows to Protect its Rights against US Chip Probe

A Chinese flag is displayed next to a "Made in China" sign seen on a printed circuit board with semiconductor chips, in this illustration picture taken February 17, 2023. REUTERS/Florence Lo/Illustration/File Photo
A Chinese flag is displayed next to a "Made in China" sign seen on a printed circuit board with semiconductor chips, in this illustration picture taken February 17, 2023. REUTERS/Florence Lo/Illustration/File Photo
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China Vows to Protect its Rights against US Chip Probe

A Chinese flag is displayed next to a "Made in China" sign seen on a printed circuit board with semiconductor chips, in this illustration picture taken February 17, 2023. REUTERS/Florence Lo/Illustration/File Photo
A Chinese flag is displayed next to a "Made in China" sign seen on a printed circuit board with semiconductor chips, in this illustration picture taken February 17, 2023. REUTERS/Florence Lo/Illustration/File Photo

China's commerce ministry vowed on Monday to take all necessary measures to safeguard its rights and interests in response to the United States' investigation into the Chinese semiconductor industry.

The investigation will disrupt global chip supply chains and harm the interests of US firms and consumers, the ministry statement said.

On Monday, the Biden administration announced a last-minute trade investigation into Chinese-made "legacy" semiconductors that could heap more US tariffs on chips from China that power everyday goods from autos to washing machines to telecoms gear, Reuters reported.

The "Section 301" probe, launched just four weeks before President-elect Donald Trump takes office on Jan. 20, will be handed over to his administration in January for completion, Biden administration officials said.

The effort could offer Trump a ready avenue to begin imposing some of the hefty, 60% tariffs that he has threatened on Chinese imports.

Departing President Joe Biden has already imposed a 50% US tariff on Chinese semiconductors that starts on Jan. 1. His administration has tightened export curbs on advanced AI and memory chips and chipmaking equipment to China and also recently increased tariffs to 50% on Chinese solar wafers and polysilicon.