Tesla, the electric car powerhouse, has revealed its initial figures for the first quarter of 2024, indicating a notable disparity between production and delivery. While the company manufactured a robust 433,371 vehicles, it managed to deliver only 386,810, marking a significant decline in volume. This outcome falls notably short of Q1 forecasts, which had been averaging around 457,000 units.
The shortfall in deliveries is attributed to various factors, including the increased production of the revamped Model 3 at Tesla’s Fremont, California facility and disruptions in overseas factories.
Tesla’s production breakdown includes 412,376 units of the Model 3 and Model Y combined, with deliveries totaling 369,783. Additionally, “other models,” encompassing the larger Model S and Model X, saw 20,995 units produced and 17,027 delivered during the same period.
These quarterly figures not only lag behind the corresponding period in 2023 but also fall short of analysts’ projections. Despite varying estimates, analysts had anticipated Tesla’s Q1 deliveries to hover around 457,000 units.
Comparatively, in the first quarter of the previous year, Tesla faced a narrower gap between production and sales, with 440,808 vehicles produced and 422,875 sold.
Tesla attributes the decline in volume during the initial months of 2024 to several factors, including disruptions in its foreign operations and the production ramp-up for the new Model 3 in Fremont. The company is set to release its financial results for Q1 2024 following the market’s closure on Tuesday, April 23.
