Tesla reported its first year-over-year decline in quarterly deliveries since 2020, missing Wall Street’s expectations and stoking further concern about the company’s growth prospects this year.
Elon Musk’s electric-vehicle maker delivered 386,810 vehicles globally in the first three months of 2024, down 8.5% from a year earlier. It was the company’s lowest quarterly performance since the third quarter of 2022.
The result was enough for Tesla to reclaim the title from China’s BYD as the world’s top EV seller on a quarterly basis. Yet, it is a troubling sign for the broader electric-vehicle market, where growth is slowing and automakers including Ford Motor and General Motors are recalibrating investment plans after finding consumers to be less enthusiastic about going electric than the companies had expected.
Tesla shares fell about 6% in morning trading Tuesday. The company’s stock was down nearly 30% this year through Monday, making it the worst performer in the S&P 500 index.
Shares of Amazon.com Inc. and Tesla Inc. are among Wells Fargo's "high-conviction" picks for the second quarter, but the analysts there see those stocks heading in different directions.