TSLA - Tesla Stock Drops on Weak Delivery Numbers and it May Fall More | Benzinga
Shares of Tesla, Inc. (NASDAQ: TSLA) stock dropped nearly 6% in the pre-market after the electric vehicle (EV) giant reported lighter-than-expected delivery numbers for the first quarter. Tesla manufactured 433,000 vehicles but delivered only 387,000. The delivery miss will continue to fuel speculation that Tesla will be hard-pressed to justify its premium valuation.
The company's 387,000 deliveries were far below the FactSet consensus of 457,000. But they were also below the 484,507 vehicles the company delivered in the last three quarters of 2023 and the 422, 875 deliveries it made in the first quarter of 2023.
That's not a trend that shareholders like to see. Particularly since Tesla continues to lose market share in China. On April 1, 2024, data from the China Passenger Car Association showed that Tesla sold 89,064 cars in the country in March, a 0.2% year-over-year increase.
However, overall EV sales in China were up nearly 33%. Not surprisingly, BYD was the leader in China sales, with over 300,000 vehicles sold. ...