In press release on 4/2/2024, Tesla reported they delivered 386,810 vehicles in Q1 2024. Production is 433,371. https://ir.tesla.com/tesla-vehicle-production-deliveries-and-date-financial-results-webcast-first-quarter-2024
Q1 2024 performance is below that of Q1 2023 and Q4 2023. A year ago Q1 2023 was 440,808 produced and 422,875 delivered. Deliveries declined -8.5% yoy. Q4 2023 numbers were 494,989 produced and 484,507 delivered. That is a decline of -20.2% sequentially. Seasonal comparison decline is expected but the yoy comparison is valid.
Tesla explained the declines can be attributed to new Model 3 ramp in Fremont. Factory shutdowns from shipping blockage and rerouting due to Red Sea conflict and the arson attack at Gigafactory Berlin.
Telsa did not mention competitive pressure from other manufactures but that probably had an impact as well. There is now more EVs to choose from. VW, Ford, GM, Mercedes, BMW, Audi and Rivian have EVs. In the US, Hyundai IONIQ5 was named SUV of the year 2023 and has 303 highway/city combined miles. A KIA EV6 GT has 576 Hp, 545 lb.ft of torque and gets to 0-60 mph in 3.4s. In China, there is BYD, NIO, Xpeng, and LI Auto. For 2024, the competitive pressure intensifies with phone make Xiaomi’s Xiaomi SU7. Add to that pressure, Hertz rental company has decided to sell 20,000 or 1/3 of its global EV fleet according to its 1/11/2024 SEC filing: https://ir.hertz.com/node/11206/html throughout 2024.
One bright spot is Tesla Energy storage business delivered 4,053 MWh. This is a record.
Earnings call is scheduled for April 23, 2024.
Tesla share price dropped 4.9% down -$8.59 to finish the 4/2/2024 trading day at $166.63 after the delivery numbers were released.