Tesla Q1 sales numbers fall 70,000 below expectations.

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  • Tesla published its first-quarter vehicle production and deliveries report on Tuesday showing deliveries of 386,810, a steep drop from the same quarter last year.
  • According to a mean of 11 estimates compiled by FactSet, analysts were expecting deliveries of around 457,000 for the first three months of the year.
  • This was Tesla’s first year-over-year decline in deliveries since 2020, when the its operations were disrupted by the global pandemic.

Tesla
on Tuesday published its first-quarter vehicle production and deliveries report for 2024 that showed deliveries fell 8.5% from the year-ago quarter and about 20% from the fourth quarter. This was the first year-over-year decline for Tesla since the second quarter of 2020 when the global pandemic had disrupted production and sales.

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Here are the key numbers:

Total deliveries Q1 2024: 386,810
Total production Q1 2024: 433,371

Vehicle production declined around 1.7% year over year and 12.5% sequentially for Tesla, not nearly as steeply as the drop in deliveries.

The company’s shares fell around 7% in premarket hours in response to the report, and were down 5% in late-morning trading.

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Tesla doesn’t break out sales by model but reported it produced 412,376 Model 3/Y cars and delivered 369,783. It produced 20,995 of its other models and delivered 17,027.

https://www.cnbc.com/2024/04/02/tesla-tsla-q1-2024-vehicle-delivery-and-production-numbers.html