Q1 Deliveries 8.5% drop Y on Y
- Tesla reported first-quarter vehicle deliveries of 386,810, a drop of 8.5% from the same quarter last year.
- Estimates compiled by FactSet, analysts were expecting deliveries of around 457,000 for the first three months of the year.
- This is Tesla’s first year-over-year decline in deliveries since 2020.
- Stock drops 5% i=on open.
Highlights
Tesla shares fell on Tuesday after the company reported a drop in vehicle deliveries in the first quarter, the first annual decline since 2020, when the global pandemic disrupted production.
Here are the key numbers:
AUSTIN, Texas, April 2, 2024 – In the first quarter, we produced over 433,000 vehicles and delivered approximately 387,000 vehicles. We deployed 4,053 MWh of energy storage products in Q1, the highest quarterly deployment yet.
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.
Read more at Tesal IR website:
Total deliveries Q1 2024: 386,810
Total production Q1 2024: 433,371
Vehicle production declined around 1.7% from a year earlier and 12.5% sequentially for Tesla, not nearly as steeply as the 8.5% annual drop in deliveries.
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.
Free cash flow remained strong in 2023 at $4.4B, even as we focused on future growth projects with our highest capital expenditures and R&D expenses in company history.
Energy storage deployments reached 14.7 GWh in 2023, more than double compared to the previous year, while Energy Generation and Storage business profits nearly quadrupled in 2023. Gross profit of our Services & Other business increased from a ~$500M loss in 2019 to a ~$500M profit in 2023.
Cost of goods sold per vehicle5 declined sequentially in Q4. Our team remains focused on growing our output, investing in our future growth and finding additional cost efficiencies in 2024.
In late December, we started rolling out V12 of FSD Beta6. Trained on data from a fleet of over a million vehicles, this system uses AI to influence vehicle controls (steering wheel, pedals, indicators, etc.) instead of hard-coding every driving behavior. V12 marks a new era in the path to full autonomy.
We are focused on bringing the next generation platform to market as quickly as we can, with the plan to start production at Gigafactory Texas. This platform will revolutionize how vehicles are manufactured.
Tesla Q1 Production
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Source: Tesla IR
