TSLA - Tesla Stock Dives As Q1 Deliveries Disappoint — But EV Giant Reclaims Top Spot From Chinese Rival | Benzinga
Electric car giant Tesla, Inc. (NASDAQ:TSLA) reported a dip in first-quarter deliveries, just as many feared, sending its stock lower in premarket trading.
Tesla’s Q1 Numbers: Tesla delivered 386,810 vehicles in the first quarter, down from 422,875 a year earlier. Production figures were also lower, at 433,371 compared to 440,808 units in the year-ago period. This marks Tesla’s first year-over-year decline in deliveries since pandemic-hit 2020.
Tesla Misses Analyst Estimates: The company fell short of analyst expectations. The company-compiled median consensus estimate shared by Future Fund’s Gary Black was 431,000 units. Independent Tesla observer Troy Teslike on X, formerly, Twitter, estimated first-quarter production and sales of 409,000 units and 429,954 units, respectively.
Q1’24
(units)Q1’23
(units)Y-o-Y Growth Q4’23
(units)Q-o-Q Growth
Production 433,371 440,808 -1.69% 494,989 -12.45%
Deliveries 386,810 422,875 -8.53% 484,507 -20.16%
“Decline in volumes was partially due to the early phase of the production ramp of the updated Model 3 at our Fremont factory and factory shutdowns resulting from shipping diversions caused by the Red Sea conflict and an arson attack at Gigafactory Berlin,” the company said.
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