Tesla Q1 2024 – 2% Decrease in Production and Deliveries

Tesla has just released its production and delivery numbers for the first quarter of 2024, along with some other key updates. In Q1, the company produced over 433,000 vehicles and delivered approximately 387,000 vehicles. This represents a 2% decrease in both production and deliveries compared to the previous period.

The production of Model 3/Y vehicles reached 412,376 units, with deliveries totaling 369,783 units, reflecting a 2% decrease in both metrics. For other models, Tesla produced 20,995 units and delivered 17,027 units, also showing a 1% decrease in both production and deliveries.

Moreover, the company deployed 4,053 MWh of energy storage products in Q1, marking the highest quarterly deployment yet.

Tesla attributed the decline in volumes partially to the early phase of the production ramp of the updated Model 3 at its Fremont factory, as well as factory shutdowns resulting from shipping diversions caused by the Red Sea conflict and an arson attack at Gigafactory Berlin.

Tesla will release its financial results for the first quarter of 2024 after market close on Tuesday, April 23, 2024. Additionally, the company will hold a live question and answer webcast on the same day at 4:30 p.m. Central Time (5:30 p.m. Eastern Time) to discuss its financial and business results and outlook.

The market has reacted to these announcements by moving the company's shares -0.5% to a price of $165.77. For the full picture, make sure to review Tesla's 8-K report.

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