Vehicle production and delivery numbers of the US electric manufacturer Tesla, owned by Elon Musk, have been revealed.
According to the data, production and deliveries fell far behind expectations in the first quarter of 2024.
While it delivered 386 thousand 810 vehicles in the first quarter, the company was expected to deliver 449 thousand vehicles.
In the first quarter, production was below the expectation of 452 thousand 976 and was 433 thousand 371. Tesla delivered 3 thousand 369 units of Model 783 and Model Y vehicles in the first quarter.
Deliveries also decreased
Compared to last year, deliveries decreased by 10 percent. The expectation was that 426 thousand 940 vehicles would be delivered.
According to CNBC, after the announcement, the company's shares traded on the US stock exchanges fell by 6,5 percent.
Why are stocks falling?
Tesla shares have experienced a significant decline in the last 3 months and lost 2024 percent of their value in the January-March 29 period.
One of the biggest reasons for the decline is that investors think that Tesla can no longer maintain its leadership in the electric vehicle market.
Additionally, it seems that Tesla is having a hard time against its Chinese competitors. BYD became the world electric vehicle production leader in 2023.
In addition to all this, the fact that Tesla's model range was old and Cybertruck did not receive the expected attention also contributed to the decline.
