Tesla (TSLA) Q1 2024 deliveries see 8.5% year-over-year decline

Tesla (NASDAQ:TSLA) has released its first quarter 2024 vehicle production and delivery report. As per the electric vehicle maker, it was able to produce over 433,000 vehicles and deliver approximately 387,000 vehicles in Q1 2024. Tesla also announced that it was able to deploy 4,053 MWh of energy storage products in the first quarter, a new record for the company. 

During Q1 2024, Tesla produced a total of 433,371 vehicles, comprised of 412,376 Model 3 and Model Y and 20,995 other models. Total deliveries were at 386,810 units, comprised of 369,783 Model 3 and Model Y and 17,027 other models. Tesla’s Q1 2024 numbers are notably below Wall Street’s estimates of 431,000 vehicles.  

Tesla has provided some explanation behind its first quarter vehicle production and delivery numbers, stating that the decline in its volumes was partly due to the early phase of the updated Model 3’s production ramp at the Fremont Factory and factory shutdowns at Giga Berlin. For context, Giga Berlin saw unexpected production shutdowns due to shipping diversions resulting from the Red Sea conflict, as well as an arson attack by eco-terrorists last month. 

As noted by Wall Street veteran Gary Black of The Future Fund, LLC, Tesla deliveries showed an 8.5% year-over-year decline — its first since the Covid pandemic in the second quarter of 2020. Black also noted that Wall Street analysts would likely reduce their volume and earnings per share estimates for the full-year 2024 due to Tesla’s Q1 vehicle production and delivery results. 

For context, Tesla produced a total of 440,808 vehicles in Q1 2023, comprised of 421,371 Model 3 and Model Y and 19,437 Model S and Model X. Tesla also delivered a total of 422,875 vehicles in the first quarter of 2023, comprised of 412,180 Model 3 and Model Y and 10,695 Model S and Model X. 

Tesla stock has dropped on Tuesday’s premarket following the release of the company’s Q1 2024 vehicle production and delivery report. As of writing, TSLA stock is down 6.10% at $164.54 per share. 

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