Tesla (TSLA) stock has fallen sharply after the electric car maker reported significant delivery misses in the first quarter. The first-quarter delivery report comes after Tesla warned in January that car sales growth would be “significantly lower” than in 2023.
In the first quarter, Tesla reported worldwide deliveries of 386,810 vehicles, significantly lower than the 449,080-delivery estimate compiled by Bloomberg. Tesla produced 433,371 vehicles, which was also lower than the expected 452,976 vehicles.
Tesla's total vehicle deliveries in the first quarter were down significantly compared to the fourth quarter, when it delivered 484,000 vehicles, but more concerning to investors is that Tesla delivered 423,000 vehicles. Compared to the first quarter of last year, when the vehicles were delivered, the numbers for the first quarter have decreased year-on-year. Tesla's first-quarter numbers marked the first time since 2020 that first-quarter deliveries declined.
Tesla shares fell 6% in early trading following the release of the report.
Looking at the entire model line, Tesla said it produced 412,376 Model 3s and Model Ys and delivered 369,783. Tesla reported production of 20,995 “other models” (including the Cybertruck and the more expensive Model S and Model X) and 17,027 deliveries.
Today's delivery report comes after Tesla increased the price of its popular Model Y SUV by $1,000 on all three trim levels on Monday. Tesla did the same in China, where the Model Y Long Range version increased by 5,000 yuan ($675) to 304,900 yuan, and the Performance version also increased by 5,000 yuan to 368,900 yuan.
Tesla also revealed that it will report its first quarter results after the bell on Tuesday, April 23rd.
Pras Subramanian is a reporter for Yahoo Finance.you can follow him twitter And even more Instagram.
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