Deliveries fell 9% from January through March, missing Wall Street expectations. The Austin-based company is having a “nightmare quarter,” an analyst says.
Tesla Inc. sales fell sharply last quarter as competition increased worldwide, electric vehicle sales growth slowed and price cuts failed to draw more buyers. The Austin-based company said it delivered 386,810 vehicles from January through March, almost 9% less than the 423,000 it sold in the same quarter of last year. Sales also fell well short of Wall Street expectations. Analysts polled by FactSet had expected Tesla to deliver 457,000 vehicles.
Tesla nearly doubles Austin employment in 2023 as it and other Musk-led companies grow across state In its letter to investors in January, Tesla predicted “notably lower” sales growth this year. The letter said Tesla is between two big growth waves, one from global expansion of the Models 3 and Y, and a second coming from the Model 2, a new smaller and less expensive vehicle initially being built at its factory in Texas. Last year Tesla dramatically lowered U.S.
Tesla sales top forecast in 4th quarter, but still fall below Chinese EV maker BYD Deliveries of the Models 3 and Y, which are by far Tesla's top sellers, fell 10.3% year over year to 369,783. Sales of the company's other models, the aging X and S and the new Cybertruck, rose almost 60% to 17,027. Tesla produced 10% more vehicles than it sold during the first quarter. Ives wrote that investor patience is starting to wear thin.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Tesla Q1 Sales Draw Grim Predictions From Wall Street AnalystsAnalysts who have long been bullish on Tesla are now conservative as Elon Musk's brand is expected to release its Q1 2024 sales and earnings reports this week.
Read more »
Elon Musk Allegedly Mandates FSD Installation And Demo At New Tesla DeliveriesNorth American customers can expect FSD 12.3.1 already installed on their cars and to see it in action before delivery is completed
Read more »
Tesla Q1 2024 Deliveries Fall 8.5% from Previous YearTesla's Q1 2024 vehicle production and deliveries report shows an 8.5% drop in deliveries compared to the previous year and a 20% drop compared to the previous quarter. Total deliveries for Q1 2024 were 386,810, while total production was 433,371. Tesla's shares dropped by 6.5%.
Read more »
First analyst reactions arrive as Tesla stock sinks on Q1 deliveries missFirst analyst reactions arrive as Tesla stock sinks on Q1 deliveries miss
Read more »
Tesla's Q1 2024 Deliveries Fall Short of Analysts' ExpectationsTesla's first-quarter vehicle deliveries for 2024 fell 8.5% from the year-ago quarter, with a total of 386,810 deliveries. Analysts were expecting around 457,000 deliveries for the same period. Tesla produced 412,376 Model 3/Y cars and delivered 369,783, while producing 20,995 of its other models and delivering 17,027.
Read more »