The weak delivery data, coupled with slumping profit margins, has Tesla’s share price down about 30% this year.
Topline
Tesla fell far short expectations in its first-quarter vehicle delivery report, a bellwether for the company’s broader start to 2024 as Elon Musk’s electric vehicle behemoth falls on unusually hard times.Key Facts
Tesla delivered about 387,000 vehicles over the first three months of the year, the company announced Tuesday morning, coming in far below average analyst forecasts of 457,000, according to FactSet.
That marks a 9% decline compared to Q1 2023’s 423,000 deliveries, which in turn is the first negative year-over-year growth for Tesla since 2020’s second quarter at the height of the COVID-19 pandemic, when deliveries slipped 4%.
The company said “partially” causing the decline were supply-chain issues, including those stemming from an arson attack on its Berlin factory last month.
