Tesla 1Q production and deliveries fall

Deliveries for electric vehicle (EV) maker Tesla declined by 8.5pc from a year earlier after a series of planned and unplanned disruptions.

EV deliveries fell to 386,810 vehicles in the first quarter of 2024 from 422,875 vehicles in the first quarter of 2023.

Deliveries of the Model 3 and Model Y fell to 369,783 vehicles in the first quarter from 412,180 in the same period last year. Deliveries of other models, such as the Cybertruck, Model S and Model X, offset some of the declines as they rose to 17,027 vehicles from 10,695.

First quarter EV production also declined to 433,371 vehicles from 440,808. Production of the Model 3 and Model Y fell to 412,376 vehicles from 421,371 in that same time frame. Meanwhile, production of other models edged higher to 20,995 vehicles from in the first quarter of 2024 from 19,437 vehicles in the first quarter of 2023.

Tesla attributed the declines to a combination planned disruptions like increasing production of the updated Model 3 alongside unplanned issues like disruptions in the Red Sea shipping lanes.

By Andrew Saucer