Tesla’s March quarter EV deliveries fell short of analyst expectations, with the electric vehicle company delivering about 386,810 vehicles, down 20.2% from the prior quarter. This figure was significantly lower than the 454,200 vehicles that Wall Street analysts had predicted, causing Tesla’s stock to drop by around 4.7%.
Despite the miss in delivery numbers, Tesla retained its position as the largest producer of electrified vehicles, with all 386,810 deliveries being electric vehicles. This easily surpassed BYD’s 300,114 sales of pure battery electric vehicles in the same quarter.
The decline in Tesla’s delivery volumes was attributed to production ramp-up challenges at its Fremont factory and disruptions caused by the Red Sea conflict and an arson attack at Gigafactory Berlin. Additionally, Tesla faced issues in China, where it delivered 220,876 vehicles from its Shanghai plant, down 3.7% from the previous year.
China-made vehicles accounted for 57.1% of Tesla’s global deliveries in the first quarter, the highest percentage since 2022. Despite the challenges faced by Tesla in the March quarter, the company remains a dominant player in the electric vehicle market.
Overall, Tesla’s performance in the first quarter of 2023 was closely watched by investors and analysts, with the company’s ability to navigate production challenges and global supply chain disruptions being key factors in its future success.