Tesla Q1 Deliveries Fall 8.5 Percent
The company's total quarterly deliveries for Q1 2024 were 386,810, falling below the analysts' estimates.
Its total production amounts to 433,371 in the quarter, showing a decline of 1.7 percent year over year and 12.5 percent sequentially for Tesla.
Tesla 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.
"Decline in volumes was partially due to the early phase of the production ramp of the updated Model 3 at our Fremont factory and factory shutdowns resulting from shipping diversions caused by the Red Sea conflict and an arson attack at Gigafactory Berlin," Tesla said in a statement.
Shares of Tesla dropped 29 percent in the first quarter, the biggest decline since the end of 2022 and the third-steepest quarterly decline since the company's IPO in 2010.
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