Tesla stock (TSLA) is falling after the electric car maker reported significant delivery errors in the first quarter. The first-quarter delivery report comes after Tesla warned in January that car sales growth would be “significantly lower” than in 2023.
In the first quarter, Tesla reported worldwide deliveries of 386,810 vehicles, significantly lower than the 449,080-delivery estimate compiled by Bloomberg. Tesla produced 433,371 vehicles, which was also lower than the expected 452,976 vehicles.
Tesla's total first-quarter deliveries were significantly lower than the fourth quarter, when it delivered 484,000 vehicles. But more concerning for investors is the year-over-year decline in first-quarter numbers compared to last year's first quarter, when Tesla delivered 423,000 cars. Tesla's first-quarter numbers marked the first time since 2020 that first-quarter deliveries declined.
Tesla shares fell 6% in early trading following the release of the report.
“We were expecting a bad first quarter, but the first quarter was an inexplicable unmitigated disaster,” Wedbush analyst Dan Ives said in a note shortly after the report was released. said. “We see this as a key moment in Tesla's story for Mr. Musk to turn this situation around and reverse first-quarter results. If not, Tesla's long-term It's clear there could be dark days ahead that could disrupt the story.”
Looking at the entire model line, Tesla announced that it produced 412,376 Model 3 and Model Y vehicles and delivered 369,783. Tesla reported production of 20,995 “other models” (including the Cybertruck and the more expensive Model S and Model X) and 17,027 deliveries.
Tuesday's delivery report comes after Tesla on Monday increased the price of its popular Model Y SUV by $1,000 on all three trim levels. Tesla made a similar sale in China, where the Model Y Long Range version increased by 5,000 yuan ($675) to a total of 304,900 yuan, and the Performance version increased by 5,000 yuan to 368,900 yuan.
Tesla also revealed that it will report its first quarter results after the bell on Tuesday, April 23rd.
Pras Subramanian is a reporter for Yahoo Finance.you can follow him twitter And even more Instagram.
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