In the first quarter of 2024, Tesla produced over 433,000 vehicles and delivered approximately 387,000 vehicles[1]. This represents a decline in volumes compared to previous quarters, which Tesla attributed to several factors:
1. The early production ramp of the updated Model 3 at the Fremont factory
2. Factory shutdowns caused by shipping diversions due to the Red Sea conflict
3. An arson attack at Gigafactory Berlin[1]
The specific breakdown of deliveries was:
– Model 3/Y: 369,783 deliveries
– Other Models: 17,027 deliveries
– Total: 386,810 deliveries[1]
This delivery figure was lower than Wall Street expectations, which were around 420,000 units[2]. The Q1 2024 result represents a decrease of about 20% compared to the previous quarter (Q4 2023) and an 8% year-over-year decline from Q1 2023[3].
Despite the lower delivery numbers, Tesla reported its highest quarterly deployment of energy storage products, with 4,053 MWh deployed in Q1 2024[1].
It’s worth noting that the first quarter of any given year is typically the lowest for the auto market due to seasonal factors. However, this marked the first time in at least eight years that Tesla reported lower Q1 deliveries compared to the previous year’s Q1[4].