The value of Tesla stock (TSLA) is falling sharply after the company shared disappointing news about its car deliveries for the first three months of the year. This report comes after Tesla said in January that it wouldn’t be delivering as many cars this year as it did last year.
In the first quarter, Tesla said it delivered 386,810 cars around the world. This is much lower than what experts predicted, which was 449,080 cars. Tesla actually made 433,371 cars, also less than what was expected, which was 452,976.
Compared to the last three months of last year, Tesla delivered a lot fewer cars in the first three months of this year. And what’s worrying for people who invest in Tesla is that the number of cars delivered this year is less than what it was last year during the same time. This is the first time in two years that Tesla has seen a drop in car deliveries for the first quarter.
When the report was made public, Tesla’s stock went down by 6% early in the trading day.
An analyst from Wedbush, Dan Ives, said, “We were expecting the first quarter to be tough, but what actually happened was a complete disaster. It’s hard to find a good explanation for this. This is a really important moment for Tesla. Elon Musk needs to fix this and make things better in the next quarters, or else Tesla’s future might face some serious problems.”
Also read: Elon Musk’s Influence On Tesla Buyers: Study Finds Decline In Consideration Score
