Tesla posted that it had shipped fewer vehicles in the first quarter of 2024 than any quarter since 2022, its first year-over-year dip since 2020.
Tesla delivered 386,810 vehicles this quarter, falling short of its fourth quarter 2023 deliveries by nearly 100,000 and marking a year-over-year sales drop from Q1 2023’s 422,875 vehicles. As Bloomberg notes, the company hasn’t delivered fewer vehicles than the same prior-year period since 2020 and hasn’t delivered under 400,000 vehicles in a quarter since Q3 2022.
Tesla’s explanation may not fully account for the dip, though. “...This was an unmitigated disaster 1Q that is hard to explain away,” posted Dan Ives, a tech analyst at Wedbush Securities, leading to a “seminal moment in the Tesla story for Musk to either turn this around and reverse the black eye 1Q.” Tesla is also looking at stiffer competition as more automakers put work into EV transition.
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