April 3rd - On Tuesday, Tesla revealed its first-quarter car delivery figures for 2024. The data indicates that Tesla delivered 386,810 vehicles in the first quarter of this year, marking an 8.5% decline compared to the same period last year, and a drop of approximately 20.2% compared to the fourth quarter of last year.
This is the first time since the production halt in 2020 that Tesla's quarterly deliveries have seen a year-on-year decline, followed by a corresponding drop in the company's stock price. The first-quarter delivery figures also fell significantly below market expectations. According to FactSet data, analysts had an average expectation of around 457,000 Tesla deliveries.
Following Tesla's release of car production and delivery data, analysts were blunt in their assessment of Tesla's performance, calling it "ugly." Dan Ives, an analyst at Wedbush Securities, stated, "Let's be direct: while we expected a weak performance in the first quarter, this is actually a total disaster, and it's hard to find a reasonable explanation."
The analyst further pointed out, "We believe this is a pivotal moment in Tesla's history. Musk either takes action to turn around this unfavorable quarter...or we may be looking at even tougher days ahead, which could impact Tesla's long-term narrative."
