Tesla shares drop 7% on first-quarter vehicle delivery and production report

Tesla just reported first-quarter vehicle production and deliveries for 2024.


In this article TSLA Follow your favorite stocks CREATE FREE ACCOUNT Tesla's new Model 3 sedans wait to be shipped aboard at Shanghai Haitong International Automotive Terminal in Shanghai, China, on March 14, 2024. VCG | Getty Images Tesla just published its first-quarter vehicle production and deliveries report for 2024. Here are the key numbers: Total deliveries Q1 2024: 386,810 Total production Q1 2024: 433,371 Shares dropped 7% in premarket trading.

Tesla doesn't break out sales by model but reported that it produced 412,376 Model 3/Y cars and delivered 369,783. It produced 20,995 of its other models and delivered 17,027. In the same period last year, the electric automaker reported 422,875 deliveries and production of 440,808 vehicles.

In the fourth quarter of 2023, Tesla reported 484,507 deliveries and production of 494,989 vehicles. Deliveries are the closest approximation of sales reported by Tesla but are not precisely defined in the company's shareholder communications. According to a mean of 11 estimates compiled by FactSet, analysts were expecting deliveries of around 457,000 for the period ending March 31.

Estimates ranged from a high of 511,000 deliveries to a low of 414,000 for the first quarter, with estimates updated in March ranging from 414,000 to 469,000 deliveries. Independent auto industry researcher Troy Teslike, whose work is closely followed by Tesla fans, had expected deliveries to come in around 409,000. Tesla's head of investor relations Martin Vie.