Tesla’s Delivery Down 8.5% y-o-y
$Tesla(TSLA.US$’s vehicle production declined around 1.7% from a year earlier and 12.5% sequentially for Tesla, not nearly as steeply as the 8.5% annual drop in deliveries.
Tesla Inc. faced a significant setback in the first quarter, with vehicle deliveries falling short of Wall Street analysts' expectations by a record margin. They reported deliveries of just 386,810 vehicles, falling 14% short of the average estimate and marking its most substantial miss in seven years.
Vehicle production declined around 1.7% from a year earlier and 12.5% sequentially for Tesla, not nearly as steeply as the 8.5% annual drop in deliveries.
This news sent Tesla's shares tumbling by ~5%, contributing to a 33% decline in 2024, making it one of the S&P 500's weakest performers.
Several factors contributed to this downturn:
1. High interest rates affecting consumer affordability, even after implementing price cuts
2. Transition to an upgraded Model 3 sedan (which along its Model Y SUV, makes up 96% of its deliveries)
4. Intensifying competition in China's EV market
5. Cybertruck receiving mixed reviews in the US
6. Series of discounts and incentives seemed less effective in boosting sales volumes than in previous quarters
This quarter also saw one of the largest production-to-delivery discrepancies in Tesla's history, with 46,561 more vehicles produced than delivered, indicating potential demand issues. While Tesla doesn't disclose sales data by region, the U.S. and China are its largest markets.
Despite the setbacks, Tesla regained its position as the world's leading EV seller, overtaking China's BYD Co., which sold 300,114 battery-electric vehicles globally in the same period.
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
Read more
Comment
Sign in to post a comment
- YouTube finance content creator (>50k subs)
- Specializes in US stock and ETF investments
- Huge fan of Tech companies
16KFollowers
5Following
31KVisitors
Follow
ZnWC : Ark through three of its actively-managed exchange-traded funds bought a combined 234,998 shares worth $39.16 million, according to daily trade information released by the firm. Cathie Wood making bold claims about 80% of vehicles being EV in just a few years.
Cathie Wood's Ark Invest Unfazed By Tesla's Big Q1 Sales Miss, Hoards $39M Of EV Giant's Stock Tuesday - Benzinga
Pr3car1ous ZnWC: Cathy is a horrible investor......
ZnWC Pr3car1ous: Hedge Fund Manager Buys Tesla Stock After 'ChatGPT Moment' Latest FSD Release
https://www.moomoo.com/community/feed/112173859471366?share_code=00PLnq
ZnWC : BYD sold 300,114 BEVs in Q1 2024 down 42.99% QoQ
https://www.moomoo.com/community/feed/112201325215758?share_code=00PvR6
ZnWC : Tesla share price strong rebound by more than 6% (163 to 175) in 2 days after Q1 delivery figure released. It showed that the market overreacted on Tuesday.