Tesla Sales Plunge As Elon Musk Plays Politics

Tesla CEO Elon Musk introduces the Cybertruck at Tesla's design studio Thursday, Nov. 21, 2019, in Hawthorne, Calif. Musk is taking on the workhorse heavy pickup truck market with his latest electric vehicle. (AP Photo/Ringo H.W. Chiu)

on Tuesday published its first-quarter vehicle production and deliveries report for 2024 that showed deliveries fell 8.5% from the year-ago quarter and about 20% from the fourth quarter. This was the first year-over-year decline for Tesla since the second quarter of 2020 when the global pandemic had disrupted production and sales.

Here are the key numbers:

Total deliveries Q1 2024: 386,810
Total production Q1 2024: 433,371

Vehicle production declined around 1.7% year over year and 12.5% sequentially for Tesla, not nearly as steeply as the drop in deliveries.

The company’s shares fell around 7% in premarket hours in response to the report, and were down 5% in late-morning trading.

Tesla doesn’t break out sales by model but reported it produced 412,376 Model 3/Y cars and delivered 369,783. It produced 20,995 of its other models and delivered 17,027.

In the same period last year, the electric automaker reported 422,875 deliveries and production of 440,808 vehicles. In the fourth quarter of 2023, Tesla reported 484,507 deliveries and production of 494,989 vehicles.

Deliveries are the closest approximation of sales reported by Tesla but are not precisely defined in the company’s shareholder communications.

Tesla’s deliveries for the quarter fell far below even the lowest of analysts’ expectations.

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