Tesla’s first-quarter deliveries fell well short of estimates, sending shares down sharply on Tuesday and casting a cloud on electric-vehicle demand.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TSLA | TESLA INC. | 175.22 | -0.57 | -0.32% |
The Elon Musk-run EV maker produced more than 433,000 vehicles during the first three months of the year, down 8.5% from the same period a year ago. It delivered nearly 387,000 vehicles, down 20% from the prior quarter, the company reported. Analysts had expected the automaker to deliver over 400,000, according to estimates.
The latest deliveries’ snapshot is another headwind for shareholders, with Tesla’s stock down more than 30% so far this year.
Tesla is facing competition from U.S. automakers, including Ford and GM, as well as Chinese EV makers. This comes as EV demand wanes in favor of good gas-powered vehicles.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| F | FORD MOTOR CO. | 13.29 | +0.01 | +0.08% |
| GM | GENERAL MOTORS CO. | 45.16 | -0.21 | -0.47% |
Ford earlier this month slashed prices on its Mustang Mach-E electric SUV by up to $8,100 after sales fell sharply in January. Ford also said in January it would reduce production of its F-150 Lightning pickup truck, cutting production at its Michigan Rouge Electric Vehicle Center to one shift starting April 1.
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Meanwhile, Mercedes disclosed it won’t meet its 2025 deadline to have EVs, including hybrids, make up 50% of all sales. Lackluster demand for electric-powered cars has delayed that goal until at least 2030, the company announced in February.
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