Tesla announced its production and delivery figures for the first quarter of 2024, revealing that it produced over 433,000 vehicles and delivered approximately 387,000 units during the period. That’s a 20% decline quarter-over-quarter and a 9% drop year-over-year.
The company also achieved a record deployment of 4,053 MWh of energy storage products in Q1, marking its highest quarterly deployment to date.
A breakdown of the production and delivery numbers shows that the Model 3/Y series accounted for the majority, with 412,376 vehicles produced and 369,783 delivered. Other models contributed to 20,995 produced and 17,027 delivered vehicles.
Additionally, about 2% of these vehicles are subject to operating lease accounting. There is no longer a breakdown of Model S/X deliveries as it’s lumped into the “Other” category, along with the new Cybertruck.
Tesla noted that the decrease in delivery volumes was partly due to the early stages of the production ramp-up of the updated Model 3 at its Fremont factory. The company also faced operational challenges, including factory shutdowns caused by shipping diversions from the Red Sea conflict and an arson attack at its Gigafactory in Berlin.
In Q1, Tesla has become the global battery electric vehicle sales leader worldwide again, overtaking China’s BYD that also sells hybrids. Traditional media applauded BYD for overtaking Tesla in BEV sales in Q4, but that did not last long. It’s clear the sales of EVs are not just affecting Tesla but the whole industry right now, due to a variety of factors such as high interest rates and an uncertain economy still.
In Q1 2024, Tesla once again overtook BYD in global BEV sales to regain the lead. pic.twitter.com/zaqawvzjw1
— Roland Pircher (@piloly) April 2, 2024
When it came to Wall Street and independent analysts predicting Tesla’s production and delivery numbers, @TroyTeslike was the most accurate. His delivery estimate was 5.7% too high, his “largest error yet”, although he was the closest to the actual numbers compared to Wedbush and Morgan Stanley (9.9%), Bloomberg (16.1%) and FactSet (18.1%).
Elon Musk’s company is scheduled to post its financial results for the first quarter of 2024 after the market closes on Tuesday, April 23, 2024, and will hold its earnings call at 4:30pm CT (2:30pm PDT/5:30pm EDT).
