Daily Management Review

Tesla's quarterly sales fall for the first time since 2020


The American electric vehicle maker Tesla released its manufacturing and sales figures at the end of the first quarter.

Over a span of three months, the corporation manufactured 433.4 thousand automobiles and supplied 386.8 thousand cars to consumers. Model Y crossovers and Model 3 sedans accounted for the great majority of production and deliveries.

Tesla reported a drop in quarterly sales (down 8.5% from the first quarter of 2023) and production (down 1.6% from the first quarter of 2023) for the first time since 2020.

The company attributed the decrease in production and deliveries to logistical issues (e.g., during the winter, a delay in component deliveries due to Houthi attacks in the Red Sea caused Tesla's plant in Germany to close for two weeks). Additionally, the company attributed the delay in car shipment and assembly line work to updating the Model 3 lineup for the U.S. 

The value of Tesla's shares decreased in the early hours of trade as a result of the stock market's reaction to the company's first sales decline in four years.

Tesla will release its first quarter's complete financial statements on April 23.

source: bloomberg.com