Tesla released its first-quarter 2024 car production and delivery report on Tuesday. The study revealed that deliveries decreased by 8.5% from the same quarter last year and by around 20% from the fourth quarter. The important figures are as follows:
Q1 2024 total deliveries: 386,810
Q1 2024 total production: 433,371
For Tesla, vehicle output fell 12.5% sequentially and 1.7% annually.
The share price fell 6.5%.
Tesla said that it built 412,376 Model 3/Y vehicles and delivered 369,783, however it does not break down sales by model. It delivered 17,027 and built 20,995 of its other variants.
The electric carmaker had 422,875 deliveries and 440,808 vehicle manufacturing over the same time frame in the previous year. Tesla announced 484,507 deliveries and 494,989 car production in the fourth quarter of 2023.
Although deliveries are not clearly defined in Tesla’s shareholder communications, they are the closest approximation to sales that the business reports.
Deliveries from Tesla were less than even the lowest analyst projection.
For the quarter ending March 31, analysts were anticipating deliveries of around 457,000, based on a mean of 11 predictions that FactSet collected. For the first quarter, forecasts varied from 414,000 to 469,000 deliveries, with a high of 511,000 deliveries and a low of 414,000. forecasts were revised in March.
Fans of Tesla regularly follow independent auto industry analyst Troy Teslike, whose work was projected to total around 409,000 units delivered.
Martin Viecha, director of investor relations at Tesla, sent a consensus to a restricted group of investors over the weekend that was generated by the firm using estimates from 30 analysts. According to the consensus, which CNBC was able to access, experts had predicted that the quarter would see a mean of 443,027 deliveries and a median of 431,125 deliveries.
this company had a lot of difficulties throughout the first quarter.
“The early stages of the updated Model 3 production ramp at our Fremont factory and factory shutdowns resulting from shipping diversions caused by the Red Sea conflict and an arson attack at Gigafactory Berlin were partially responsible for the decline in volumes,” a statement from Tesla said.
Attacks by Houthi militia on Red Sea shippers caused disruptions to Tesla’s supply of componentry, and in January, manufacturing at its German facility west of Berlin was briefly halted. Environmental protestors burned infrastructure close to the same facility in March, depriving Tesla of enough power to run its operations and once again forcing a halt to production.
Tesla was up against fierce competition in China from local EV manufacturers like BYD and upstarts like the phone manufacturer Xiaomi. Tesla lowered output of its Model 3 and Model Y at its Shanghai facility and cut worker schedules to five days a week from six and a half days after weak sales figures for its China-made vehicles in January and February.
Reviews for Tesla’s newest model, the Cybertruck, an angular pickup that the EV manufacturer just started selling in limited quantities in December of last year, were not entirely positive in the United States.
A number of rebates and incentives seemed to have less of an impact on this car sales volume than in the past.
Elon Musk, the CEO of Tesla, ordered that all sales and service personnel install and demonstrate the most recent iteration of the company’s high-end driver assistance system for North American clients before turning over their vehicles in the latter part of the first quarter. Although this company’s vehicles are not automatically driven, the technology is promoted as fully autonomous. They need a person behind the wheel who can stop or steer at any moment.
This company’s first-quarter share price decrease of 29% was the worst since the end of 2022 and the third-biggest quarterly decline since the company’s 2010 initial public offering.
To discuss quarterly results, the business has set an earnings call on April 23.
SOURCE: NBC NEWS
