Tesla (TSLA) reported a significant shortfall in first-quarter global deliveries, widely missing estimates as demand challenges weighed on the EV maker.
The company delivered 336,681 vehicles in Q1, falling short of Bloomberg’s consensus estimate of 390,342. This marks Tesla’s weakest quarter for deliveries since Q2 2022.
“While the changeover of Model Y lines across all four of our factories led to the loss of several weeks of production in Q1, the ramp of the New Model Y continues to go well,” Tesla stated.
The refreshed Model Y, which launched globally in March, has been cited by some analysts as a factor affecting demand for Tesla’s best-selling vehicle.
ALSO READ UK: Met Police to lay off 1,700 officers amid £260m budget shortfall
Shares of Tesla fell nearly 4% in early trading following the announcement.
For the quarter, Tesla produced 362,615 vehicles globally and deployed 10.4 GWh of energy storage products. The company is set to report its first-quarter earnings on Tuesday, April 22.
Tesla’s sales have been slowing in most of its global markets. Earlier this week, registration data from key European regions indicated a steep decline in March, further signaling weakening demand. The brand has also faced scrutiny linked to CEO Elon Musk’s political activities.
In France, Tesla registered 3,157 EVs, down 36.8% from a year ago, according to official data cited by Reuters. Norway recorded 2,211 registrations, marking a 63.9% drop, while Sweden’s tally of 911 was only slightly lower, down 1%.
Scandinavia, traditionally a strong EV market, also saw sharp declines. Denmark’s Tesla registrations fell to 593, a 65.6% drop, while the Netherlands recorded 1,536 registrations, a 61% decrease from last year.
“With the current headwinds for TSLA across the industry, including protests at Tesla dealerships, violence seen at TSLA drivers around the country/Europe, and more Musk-related brand worries, this delivery number was a disaster for the bulls with continuous negativity around the TSLA brand.
“We are not going to look at these numbers with rose colored glasses … they were a disaster on every metric,” Wedbush analyst Dan Ives wrote in a note Wednesday morning.
Ives also urged Musk to clarify his role in the Department of Government Efficiency (DOGE) and how he plans to balance his responsibilities at Tesla, warning that “Musk needs to get his act together or else unfortunately darker times are ahead for Tesla.”
(Yahoo Finance)
ALSO READ TOP STORIES FROM NIGERIAN TRIBUNE
and then