Tesla’s new Mannequin 3 sedans wait to be shipped aboard at Shanghai Haitong Worldwide Automotive Terminal in Shanghai, China, on March 14, 2024.
VCG | Getty Photographs
Tesla simply printed its first-quarter vehicle production and deliveries report for 2024. Listed below are the important thing numbers:
Complete deliveries Q1 2024: 386,810
Complete manufacturing Q1 2024: 433,371
Shares dropped 7% in premarket buying and selling.
Tesla does not escape gross sales by mannequin however reported that it produced 412,376 Mannequin 3/Y vehicles and delivered 369,783. It produced 20,995 of its different fashions and delivered 17,027.
In the identical interval final 12 months, the electrical automaker reported 422,875 deliveries and manufacturing of 440,808 automobiles. Within the fourth quarter of 2023, Tesla reported 484,507 deliveries and manufacturing of 494,989 automobiles.
Deliveries are the closest approximation of gross sales reported by Tesla however are usually not exactly outlined within the firm’s shareholder communications.
In accordance with a imply of 11 estimates compiled by FactSet, analysts had been anticipating deliveries of round 457,000 for the interval ending March 31. Estimates ranged from a excessive of 511,000 deliveries to a low of 414,000 for the primary quarter, with estimates up to date in March starting from 414,000 to 469,000 deliveries.
Unbiased auto trade researcher Troy Teslike, whose work is carefully adopted by Tesla followers, had anticipated deliveries to come back in round 409,000.
Tesla’s head of investor relations Martin Viecha despatched round a company-compiled consensus primarily based on 30 analysts’ estimates over the weekend to pick traders. The consensus, which was seen by CNBC, mentioned analysts had been anticipating a imply of 443,027 deliveries and a median of 431,125 deliveries for the quarter.
Tesla confronted quite a few challenges within the first quarter.
Houthi militia assaults on shippers within the Pink Sea disrupted Tesla’s element provide and quickly suspended manufacturing at its German manufacturing facility outdoors of Berlin in January. In March, environmental activists set hearth to infrastructure close to that very same manufacturing facility, depriving Tesla of ample operation energy and once more inflicting a pause in manufacturing.
In China, Tesla confronted an onslaught of competitors from home EV makers, together with BYD and newcomers such because the telephone maker Xiaomi. After sluggish gross sales numbers for its China-made vehicles in January and February, Tesla lowered manufacturing of its Mannequin 3 and Mannequin Y at its Shanghai plant and slashed employees’ schedules to five days every week from 6 and a half days.
Within the U.S., critiques had been blended for Tesla’s latest mannequin — an angular pickup dubbed the Cybertruck — which the EV maker solely started to promote in small numbers in December final 12 months.
A sequence of reductions and incentives gave the impression to be much less efficient in driving gross sales quantity than previously for Tesla.
Through the closing days of the primary quarter, Tesla CEO Elon Musk mandated that every one gross sales and repair workers install and demo the most recent model of the corporate’s premium driver help system for purchasers in North America earlier than handing over their vehicles. The system is marketed as Full Self-Driving however does not make Tesla vehicles autonomous. They require a human on the wheel, able to steer or brake at any time.
Shares of Tesla dropped 29% within the first quarter, the largest decline because the finish of 2022 and the third-steepest quarterly plunge because the firm’s IPO in 2010.
