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Tesla’s delivery volume has decreased for the first time in four years, indicating a decline in the effect of price reductions amid intensifying competition in the electric vehicle market and weakening demand.
Tesla announced on the 2nd that its quarterly delivery volume has decreased and missed Wall Street estimates, causing its stock to drop by 10.87% in early trading.
Tesla’s total delivery volume decreased by 8.5% compared to the previous year. The last time the company recorded a decrease in sales was in the second quarter of 2020, when automakers had to suspend production due to the pandemic.
Tesla delivered approximately 386,810 vehicles, a decrease of 20.2% compared to the previous quarter, and produced 433,371 vehicles in the three months leading up to March 31st.
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The delivery volume by model included 369,783 units of Model 3 and Model Y combined, along with approximately 17,000 units of other models, including the Model S, Cybertruck, and the Model X.
Tesla stated that part of the decrease in delivery volume was due to efforts to increase the production of updated Model 3s at the Fremont factory in California and shipping changes caused by the Red Sea conflict, which led to the suspension of operations at the Berlin factory.
Additionally, in January, Tesla warned that the sales growth rate for this year is noticeably low as the company focuses on the production of next-generation electric vehicles.
On the other hand, Tesla narrowly outpaced BYD, which sold about 300,000 battery electric vehicles this quarter, amidst fierce competition with local companies such as BYD, the market leader that has grown into the largest electric vehicle manufacturer surpassing the U.S., and new entrants like Xiaomi.
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