Reuters
2024.04.02 14:59
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BREAKINGVIEWS-Tesla exacerbates valuation range anxiety

Tesla's vehicle deliveries fell nearly 9% in Q1 2024, below analyst expectations, due to a sluggish EV market and Elon Musk's bombast. This justifies a bigger discount.

(The author is a Reuters Breakingviews columnist. The opinions expressed are his own.)

By Jonathan Guilford

NEW YORK, April 2 (Reuters Breakingviews) - The Model 3 maker overtook China’s BYD again, but deliveries tumbled for the first time since 2020 despite being flattered by a temporary lack of cheaper options and US rivals selling dead tech. A sluggish EV market and boss Elon Musk’s bombast justify an even bigger discount.

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CONTEXT NEWS Electric-vehicle maker Tesla said on April 2 that vehicles delivered to customers fell to 386,810, down nearly 9% from the same period a year earlier and well below analyst expectations of 454,200, according to Reuters, citing Visible Alpha.

Tesla also said it produced 433,371 vehicles in the first three months of 2024, down roughly 2% from the first quarter of 2023.

The company’s shares were down 5.9%, to $164.92, at 1440 GMT.

(Editing by Jeffrey Goldfarb and Aditya Sriwatsav)