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Tesla Quarterly Deliveries Fall for First Time in Four Years

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Tesla reported a decline in quarterly deliveries, missing Wall Street estimates and indicating that the impact of price cuts is diminishing. The automaker faces increased competition and weaker demand. Tesla's shares dropped 5.7% and have fallen nearly 30% this year. Deliveries for the first quarter totaled 386,810 vehicles, down 20.2% from the previous quarter. Production reached 433,371 vehicles. Analysts had expected Tesla to deliver 454,200 vehicles. This is the first quarterly sales decline since the second quarter of 2020 when production was halted due to the COVID-19 pandemic.

Tesla posted a quarterly fall in deliveries for the first time in nearly four years and missed Wall Street estimates, a sign that the effects of its price cuts are waning as the automaker battles rising competition and softer demand. Tesla shares fell 5.7 per cent in early trading, adding to the nearly 30 per cent slide in value so far this year. The world’s most valuable automaker handed over about 386,810 vehicles in the three months to March 31, down 20.2 per cent from the prior quarter.

It produced 433,371 vehicles during the period. 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 per cent 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

Tesla Deliveries Decline Wall Street Estimates Price Cuts Competition Demand Shares Production Analysts Sales COVID-19

 

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