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Tesla stock drops 5% after Q1 deliveries report; Analysts remain bearish on shares

Published 04/02/2024, 09:21 AM
Updated 04/02/2024, 12:48 PM
© Reuters

Tesla (NASDAQ:TSLA) reported its first-quarter delivery numbers, falling short of the expectations set by analysts. Tesla stock about 5% on the news. 

The electric vehicle giant delivered 386,810 vehicles against the estimated 449,080, according to Bloomberg consensus. 

Specifically, Model 3 and Model Y deliveries stood at 369,783, marking a 10% year-over-year decline, which was also below the expected 426,940 units. 

Production for the quarter reached 433,371 vehicles, against an anticipated 452,976, with Model 3/Y making up 412,376 of that total, again falling short of the 439,194 forecast.

“Decline in volumes was partially due to the early phase of the production ramp of the updated Model 3 at our Fremont factory and factory shutdowns resulting from shipping diversions caused by the Red Sea conflict and an arson attack at Gigafactory Berlin,” Tesla said. 

Tesla also said it managed to deploy 4,053 MWh of energy storage products during the quarter.

Wedbush analysts said Tesla's Q1 numbers "negatively shocked the Street."

"While we were anticipating a bad 1Q, this was an unmitigated disaster 1Q that is hard to explain away."

"We view this as a seminal moment in the Tesla story for Musk to either turn this around and reverse the black eye 1Q performance. Otherwise, some darker days could clearly be ahead that could disrupt the long-term Tesla narrative."

Latest comments

Tesla Musk are not here to impress anyone here he doesn't care about what which analyst thinks, the ev market is still less than 5% of US production and the game is still wide open
Tesla is one of the most prepared companies in the world for the new era of electric mobility. We see TSLA in the long term at 500. We maintain all perspectives on TSLA positively.
Who is “we” seek therapy.
Based on what? Anybody can put a battery pack in 4 wheels. Competition is rising and everyone wants to drive a Tesla..
I maintain my perspectives on TSLA based on facts and data, whether positive or not.
As he grew older, he became more obstinate this guy but if he agrees to improvements the share price will be improved as well thus I hope todays' stock price is an opportunity for a long term stock owner such as myself
The problem with Tesla is that they pumped up their numbers in past quarters by double charging people. Now they have to commit the same level of fraud just to maintain that level of reality. It seems they haven't and material sale declines combined with less fraud is what explains this hot mess
Can you explain that better, please?
tesla is so much more than car deliveries, its the energy gateway, just like google search is now so much more than an search enige. ppl who short it now or dont buy into the short term news, will never understand tesla.
Ahahah, you are really funny, good luck!
EV sales collapsing. Even the government propaganda and rebates can't help save them.
Lmao, why are right-wing extremists such doomers about everything?
The engineering and technology in the Lucid products......just makes the Tesla feel old. But this is exactly what the EV market needs. Sting competition will produce some amazing vehicles.
Disused car park near my house has about 400 new teslas parked up. Been like this for years hence why for me it was obvious that Tesla had issues years ago. Same goes for commercial real estate . All sits empty next to empty car parks. Want to see where certain stocks are going ? Just drive around and look folks .
Test drive a BYD and it blew me away. TSLA has got serious competition from a whole bunch of Chinese EV manufacturers...
BYD is having the same struggles. This EV push by global leaders is not being received well.
Toyota sales in the USA jumped 20% on Q1, with electrified vehicles rising 74%. Maybe they were right about not going full electric yet and give each customer a mobility solution, not forcing the adoption of a single technology
Yep, growth company with no growth
Time to buy. The water is leaving the beach prepping for the upcoming Tsunami of growth
Don’t forget to mortgage the house!
There is always an explanation. Explain why 50000 cars are not sold or delivered. Competition? Not everybody wants a Tesla?
Another disappointment from this hyped company that actually can't deliver. Note the increased difference between Produced and delivered cars!
And increasing prices while demand is reducing? Producing cars that customers aren't buying. Behaviour of the legacy auto companies for the last 30 years. Economics 101.
Are we living on mars yet? Is everyone driving tesla semis and roadsters? They do not exist, you say? Shocking!
Stop talking, be brave and short Tesla 😉
i do, but only with call spreads. there is still a ton of call skew in the options
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