Tesla Q1 Deliveries Miss Estimates as EV Demand Cools
Tesla delivered 358,023 vehicles in Q1 2024, a modest 6% year-over-year increase but significantly below analyst expectations of 381,000. The results mark the first positive Q1 performance in three years, yet pale in comparison to Q1 2023's 423,000 deliveries.
The growing disparity between production (408,386 vehicles) and deliveries signals mounting inventory pressures. Tesla's position continues eroding against Chinese rival BYD, which delivered 2.26 million EVs last year versus Tesla's 1.64 million.
Investors reacted swiftly, driving shares down 3% to $369 in early trading. While the stock remains up 30% year-over-year, it sits 22% below recent highs.
The miss reflects broader EV market headwinds. Automakers globally are scaling back electrification plans as demand growth slows, particularly in the US market. Even industry newcomers like Rivian face challenges, reporting just 10,000 quarterly shipments.
