Electric car deliveries plummet this quarter

Tesla has shown the market that it is a very valuable company and with each new quarter the financial results have shown this. Production and deliveries have been at constant highs, but the start of 2024 has brought a new reality. Electric car deliveries plummeted in the first quarter of 2024.

Tesla's financial results have now been known and place Elon Musk's company in a difficult position in the market. The brand had a huge drop in its sales and revealed that it delivered 386,810 electric vehicles in the first three months of 2024.

This number represents a 20% drop compared to the 484,507 electric cars that were delivered by Tesla in the 4th quarter of 2023. At the same time, the value now presented represents a drop of eight percent year on year. This was Tesla's first annual sales drop since 2020.

In fact, the numbers revealed, although provisional, were also well below market and analyst projections. On average, they expected Tesla to deliver many more vehicles, pointing to this figure reaching 449,080 electric cars.

In its results presentation, Tesla detailed that it built 412,376 Model 3 and Y vehicles in the first three months of 2024. In the rest of its offer, the brand will have produced 20,995 “other models”, reaching a total of 433,371. Of the deliveries, 369,783 were Model 3 and Model Y. The company did not detail the number of Cybertrucks it built and delivered.

As justification for these negative numbers, Tesla pointed to problems with production. Its factory in Germany had to close for almost a week due to an arson attack. It also suspended most production at facilities there for a fortnight due to shipping disruptions resulting from attacks in the Red Sea.

Tesla should continue with its pricing policies to try to reverse these numbers and increase its sales. The brand has constantly reduced the prices of its cars and even led the competition to follow this path.