Automobile production decreased by 1.7% from the previous year, and Tesla production decreased by 12.5% from the previous quarter.
The stock price fell about 6.5%.
Tesla does not disclose sales figures for each model, but reported that it produced 412,376 Model 3/Y vehicles and delivered 369,783. As for other models, 20,995 units were produced and 17,027 units were delivered.
During the same period last year, the company reported deliveries of 422,875 units and production of 440,808 units. In the fourth quarter of 2023, Tesla reported deliveries of 484,507 vehicles and production of 494,989 vehicles.
Deliveries are the closest thing to Tesla's reported sales, but they are not precisely defined in the company's shareholder communications.
Tesla's deliveries fell short of even analysts' lowest expectations.
Analysts had expected deliveries to be about 457,000 for the period ending March 31, according to an average of 11 estimates compiled by FactSet. First-quarter estimates range from a high of 511,000 to a low of 414,000, with estimates updated in March to include: The number of deliveries ranged from 414,000 to 469,000.
Troy Tereich, an independent auto industry researcher whose research is closely followed by Tesla fans, predicted deliveries would be around 409,000.
Over the weekend, Martin Bieca, Tesla's head of investor relations, sent out to some investors the company's consensus, based on estimates from 30 analysts. Analysts had expected an average of 443,027 deliveries in the quarter, with a median of 431,125, according to the consensus, seen by CNBC.
Tesla faced many challenges in the first quarter.
Tesla said the production decline was due in part to the early stages of ramping up production of the new Model 3 at its Fremont factory, as well as factory closures due to transportation diversions due to the Red Sea conflict and the Gigafactory Berlin arson attack. Ta. statement.
Attacks by Houthi militias on shippers in the Red Sea disrupted the supply of parts to Tesla, temporarily suspending production at its German factory outside Berlin in January. In March, environmentalists set fire to infrastructure near the same factory, leaving Tesla without sufficient operating capacity and production halted again.
In China, Tesla faced onslaught from domestic EV manufacturers including BYD and new entrants such as mobile phone maker Xiaomi. Tesla cut Model 3 and Model Y production at its Shanghai factory and cut employee schedules from six and a half days to five days a week after sales of Chinese-made cars slumped in January and February. did.
In the United States, Tesla's latest model, an angular pickup called the Cybertruck, received mixed reviews. The EV maker only started selling small numbers last December.
A series of discounts and incentives appear to be less effective at driving sales for Tesla than in the past.
Tesla CEO Elon Musk installs the latest version of the company's premium driver assistance system on all sales and service staff before delivering cars to North American customers on the last day of the first quarter. and required a demonstration. Although the system is marketed as fully self-driving, it does not make Tesla cars self-driving. There must be someone at the wheel who can take the wheel and apply the brakes at any time.
Tesla stock fell 29% in the first quarter, the biggest decline since late 2022 and the third-biggest quarterly decline since the company's IPO in 2010.
The company had scheduled a financial results meeting for April 23 to discuss quarterly results.
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