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Tesla (TSLA) shares down after Q1 2024 vehicle deliveries miss analyst expectations

Tesla reported an 8.5 percent drop in vehicle deliveries compared to last year.

Donovan Erskine

April 2, 2024 11:08 AM

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Ahead of the release of Tesla’s (TSLA) earnings report later this month, the electric vehicle company has shared its vehicle delivery numbers for Q1 2024. It’s less than what financial analysts were expecting, and a drop in year-over-year comparisons. Tesla stock took a considerable dive as a result.

Tesla shared its Q1 2024 delivery numbers in a press release today. During the quarter, Tesla delivered 387,000 of the 433,000 vehicles it produced. This represents a roughly 8.5 percent drop from the 422,875 it delivered in Q1 of the previous year.

In the blog post, Tesla explains that the “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.”

Following the news of Tesla’s (TSLA) delivery numbers, shares in the electric vehicle company began to drop. It’s currently trading at $166.74, after trading at $173.54 yesterday.

With Tesla’s delivery numbers out, more anticipation is building for the company’s proper earnings report on April 17. For the latest Tesla updates, stay right here on Shacknews.

Donovan Erskine

News Editor

Donovan is a journalist from Maryland. His oldest gaming memory is playing Pajama Sam on his mom's desktop during weekends. Pokémon Emerald, Halo 2, and the original Star Wars Battlefront 2 were some of the most influential titles in awakening his love for video games. After interning for Shacknews throughout college, Donovan graduated from Bowie State University in 2020 with a major in broadcast journalism and joined the team full-time. He is a huge film fanatic and will talk with you about movies and games all day. You can follow him on twitter @Donimals_