The selloff in Tesla’s (TSLA) stock is worsening after the electric-vehicle maker reported delivery figures for this year’s first quarter that fell far short of Wall Street expectations.
Tesla said that it delivered 386,810 vehicles in Q1, down nearly 9% from 423,000 a year earlier.
It marks the worst year-over-year decline in the company’s vehicle deliveries ever.
Analysts who cover Tesla had expected 425,000 electric vehicle deliveries for the quarter. Even the most pessimistic forecast called for more than 400,000 vehicles to be delivered in Q1.
Tesla said that it produced 433,371 electric vehicles between January and the end of March, down 2% from the year ago period.
The difference between production and sales was 46,561 units, the largest ever, meaning that inventories are starting to pile up at the company.
News of the big Q1 delivery miss sent Tesla’s share price down 5% to $166.63 U.S. per share. The stock is down another 1% in premarket trading today (April 3).
The latest declines continue a downward trend for Tesla stock that has been ongoing since the start of the year.
So far in 2024, Tesla’s stock has fallen 33%, making it the worst performer year to date in the benchmark S&P 500 index.
