Tesla shares fall, reports drop in vehicle deliveries

(NBC, KYMA/KECY) - It was a tough day for Tesla on Wall Street as shares dropped about 6.5% after the company reported a drop in vehicle deliveries in the first quarter of this year.

Tesla's published report showing that deliveries fell 8.5% from the same period last year, and about 20% from the fourth quarter, falling below even the lowest analyst estimate.

Vehicle production declined around 1.7% from a year earlier and 12.5% sequentially for Tesla.

Total deliveries in the first quarter of 2024 were 386,810, while total production numbers came in at 433,371.

In the same period last year, the electric automaker reported 422,875 deliveries and production of 440,808 vehicles.

Deliveries are the closest approximation of sales reported by Tesla, but are not precisely defined in the company's shareholder communications.

This is Tesla's first annual decline since 2020 when the global pandemic disrupted production.