Tesla's Q1 Deliveries Fall Short of Estimates, Raises Concerns About EV Demand

📆 4/3/2024 6:12 AM
📰 FoxBusiness

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Tesla's first quarter deliveries fell way short of estimates, sending the shares down sharply on Tuesday and casting a cloud on electric-vehicle demand. Elon Musk's EV maker produced over 433,000 vehicles during the first three months of the year, down 12% from the prior quarter and it delivered 387,000 down 20% from the prior quarter, the company reported. Analysts had expected the automaker to deliver over 400,000, according to estimates. The latest deliveries' snapshot is another headwind for shareholders, with Tesla's stock down over 30% so far this year. Tesla is facing competition from U.S. automakers, including Ford, GM and Mercedes, as well as EV makers from China. This as EV demand wanes in favor of good gas-powered vehicles. Ford Motor Co. earlier this month slashed prices on its Mustang Mach-E electric SUV by up to $8,100 after sales fell sharply in January

Tesla's first quarter deliveries fell short of estimates, causing a decline in shares and raising concerns about electric-vehicle demand. The company produced over 433,000 vehicles, down 12% from the previous quarter, and delivered 387,000, down 20%.

Analysts had expected over 400,000 deliveries. Tesla's stock has dropped over 30% this year. Competition from U.S. automakers and Chinese EV makers, along with a preference for gas-powered vehicles, are contributing to the decline in EV demand.

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