Tesla shares sink as company misses Q1 delivery estimate
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The news: Tesla has suffered its first quarterly fall in deliveries in four years, missing Wall Street estimates.
The numbers: Shares in Tesla fell over 5% in early trading on the back of the news, exacerbating a slide of almost 30% in value during 2024 to date.
The context: In a statement released by the EV maker on Tuesday, Tesla said it delivered 369,783 vehicles in the first three months of 2024, falling far short of analysts’ average estimate for 449,080 deliveries. The figures amount to Tesla’s biggest miss ever.
The statement explains that the decline in volumes was partially due to the early phase of the production ramp of the updated Model 3, and factory shutdowns resulting from shipping diversions caused by the Red Sea conflict and an arson attack at Gigafactory Berlin.
Tesla remains the world’s largest EV manufacturer despite being temporarily overtaken by China’s BYD Co. at the end of 2023. On Monday Tesla raised prices for its popular Model Y SUV.
Tesla plans to release full financial results for Q1 2024 on 23 April.
The sources: Tesla statement, Bloomberg
