Tesla stock down 6% after Q1 deliveries; Numbers ‘unmitigated disaster’


Tesla (NASDAQ:) reported its first-quarter earnings numbers, which fell short of analysts’ expectations. Tesla owns about 6% of the stock.

The electric car giant delivered 386,810 vehicles versus an average of 449,080, according to a Bloomberg consensus.

Specifically, Model 3 and Model Y deliveries stood at 369,783, representing a 10% year-over-year decline, which was also below the 426,940 units expected.

Production for the quarter came in at 433,371 vehicles, versus the 452,976 expected, with the Model 3/Y making 412,376 of that figure, also missing the forecast of 439,194.

“The decrease in volumes was partially due to the initial phase of the Model 3 manufacturing process being altered at our Fremont factory and the factory shutdown due to shipping disruptions caused by the Red Sea conflict and the fire at the Gigafactory Berlin,” Tesla said. .

Tesla also said it was able to install 4,053 MWh of energy storage products during the quarter.

Wedbush analysts said Tesla’s Q1 numbers “surprised the Street.”

“While we were expecting a bad 1Q, this was an uncharacteristically bad 1Q that is hard to explain.”

“We see this as a brief moment in Tesla’s story for Musk to turn this around and change the black eye of 1Q. Otherwise, dark days may lie ahead that will disrupt Tesla’s long-term story.”

!function(f,b,e,v,n,t,s){if(f.fbq)return;n=f.fbq=function(){n.callMethod? n.callMethod.apply(n,arguments):n.queue.push(arguments)};if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version=’2.0′;n.queue=[];t=b.createElement(e);t.async=!0;t.src=v;s=b.getElementsByTagName(e)[0];s.parentNode.insertBefore(t,s)}(window, document,’script’,’https://connect.facebook.net/en_US/fbevents.js’);



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *