2024.04.02 13:51
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Tesla pre-market fell nearly 7%! Delivering 386,800 vehicles in the first quarter, marking the first year-on-year decline in 2020

Tesla delivered far below analysts' average estimate in the first quarter, with 449,080 vehicles delivered. The delivery volume of Model 3/Y decreased by 10% year-on-year

On Tuesday, Tesla released its first-quarter delivery data, with Tesla delivering 386,810 vehicles in the first quarter. This number is significantly lower than the analysts' average estimate of 449,080 vehicles, marking the first year-on-year decline since the outbreak of the pandemic. The first-quarter car production was 433,371 vehicles, also falling short of the market estimate of 452,976 vehicles.

The main models Model 3/Y had a delivery of 369,783 vehicles, a 10% year-on-year decrease, falling short of the estimated 426,940 vehicles. The production was 412,376 vehicles, also below the estimated 439,194 vehicles.

At the end of last year, Tesla expanded its product line by launching the Cybertruck with a stainless steel shell in the United States. However, the company did not disclose how many Cybertrucks it has produced and delivered.

Tesla did not disclose quarterly car sales by region, with the United States and China being its largest markets. The company produces Model S, X, 3, and Y in Fremont, California, and Model 3 and Y in Shanghai. It also produces Model Y at the factories outside Austin and Berlin. Model Y SUVs and Model 3 sedans accounted for 96% of the fourth-quarter deliveries.

In contrast, Tesla's rival, the U.S. electric vehicle manufacturer Rivian, delivered 13,600 vehicles in the first quarter, exceeding the market's expected 11,900 vehicles.

After the data was released, Tesla's stock fell nearly 7% in pre-market trading. Tesla's stock price has fallen nearly 30% year-to-date, making it the worst performer in the S&P 500 index.

In the first quarter, Tesla faces a double blow of reduced electric vehicle demand and high interest rates. Analysts have previously lowered their expectations for Tesla's delivery volume, with some analysts pointing out that Tesla may experience its first year-on-year sales decline since the early days of the pandemic.

In January this year, Musk warned investors that the company is between two major growth waves. The first wave of growth benefited from the launch of the Model 3 sedan and the Model Y SUV, while the next wave of growth is expected to come from the upcoming Model 2 priced at around $25,000, which is planned to start production at the end of next year.

While the next generation of models is crucial for growth, the production of these models is not expected to start until later next year, which means the company may face the risk of slowing growth before that. After the company's stock price experienced a sharp drop of up to $350 billion, investor confidence has been shaken. Tesla is stimulating sales through other means such as price adjustments and promotions to avoid a year-on-year decline