Tesla misses Q1 delivery estimate by a mile on slowing EV demand, tough competition
Tesla fell around 6% on missing market expectations for first-quarter deliveries by a mile on Tue, as it battled competition from upstarts and established players in major markets, while struggling with weak demand for its aging line-up of electric cars.
The automaker handed over about 386,810 vehicles in the three months to Mar 31, down 20.2% from the prior quarter.
Wall Street on average had expected Tesla to deliver 454,200 vehicles, according to 18 analysts polled by Visible Alpha.
The electric automaker's deliveries fell 8.5% from a year ago. The last time it posted a sales fall was in the second quarter of 2020 when COVID-19 pandemic forced the automaker to shut down production.
The first quarterly drop in deliveries in four years is also a sign that the effects of its price cuts are waning. Tesla produced 433,371 vehicles during the Jan-Mar period.
It delivered 369,783 Model 3 and Model Y, and about 17,000 units of other models, including Model S sedan, Cybertruck and Model X premium SUV.
In Jan, Tesla also warned of "notably lower" sales growth this year as it focuses on the production of its next-generation affordable EV.
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bullrider_21OP : "While we were anticipating a bad 1Q, this was an unmitigated disaster 1Q that is hard to explain away," Wedbush analyst Dan Ives said in a note shortly after release of the report. "We view this as a seminal moment in the Tesla story for Musk to either turn this around and reverse the black eye 1Q performance.
Otherwise, some darker days could clearly be ahead that could disrupt the long-term Tesla narrative."
MonkeyGee : I wonder where all the Tesla FUD went? I wish they could see my comments. it would have help them to forsee this drop!
MrM MonkeyGee: Haha China EV market too competitive liao.
bullrider_21OP MrM: Yes, Tesla is suffering.
bullrider_21OP MonkeyGee: I'm been bearish since Tesla topped at nearly 300 last year. Tesla is going to be among the worst performing EV stocks like I said in Jan.