Tesla Misses Q1 Delivery Estimate As EV Demand Slows

Tesla missed market expectations for first-quarter deliveries as it battled competition from upstarts and established players in major markets while struggling with weak demand for its aging lineup of electric cars, Akash Sriram reported for Reuters.

The world's most valuable automaker handed over about 386,810 vehicles in the three months to March 31, down 20.2% from the prior quarter. I Photo: Tesla X

Tesla shares fell 6.9% before the bell, adding to the nearly 30% slide in value so far this year. The world's most valuable automaker handed over about 386,810 vehicles in the three months to March 31, down 20.2% from the prior quarter.

Wall Street on average had expected Tesla to deliver 454,200 vehicles, according to 18 analysts polled by Visible Alpha.

The electric automaker's deliveries fell 8.5% from a year ago. The last time it posted a sales fall was in the second quarter of 2020 when the COVID-19 pandemic forced the automaker to shut down production.

The first quarterly drop in deliveries in four years is also a sign that the effects of its price cuts are waning. Tesla produced 433,371 vehicles during the January-March period.

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