Tesla Misses First-Quarter Delivery Targets Amidst Growing Competition and Sluggish Demand

by bollywoodfever · 02/04/2024

Tesla Misses First-Quarter Delivery Targets Amidst Growing Competition and Sluggish Demand

Tesla experienced a shortfall in first-quarter deliveries, failing to meet market expectations amidst growing competition and decreased demand for its older electric vehicle models.

Tesla hikes U.S. prices across car models

The automaker’s shares dropped by 6.9% in pre-market trading, contributing to a nearly 30% decrease in value this year.

During the quarter ending March 31, Tesla delivered approximately 386,810 vehicles, a 20.2% decline from the previous quarter and an 8.5% decrease from the same period last year.

This marked Tesla’s first quarterly drop in deliveries since the second quarter of 2020, when the COVID-19 pandemic led to production shutdowns.

Analysts had anticipated Tesla would deliver 454,200 vehicles, based on a Visible Alpha poll of 18 analysts.

The decrease in deliveries also suggests the diminishing impact of Tesla’s recent price cuts.

Over the January-March period, the company produced 433,371 vehicles but delivered 369,783 units of Model 3 and Model Y, along with approximately 17,000 units of other models, including the Model S sedan, Cybertruck, and Model X SUV.

Furthermore, in January, Tesla cautioned investors about a “notably lower” sales growth expectation for the year, as it shifts focus towards the production of its next-generation electric vehicle.

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