Tesla announced Q1 2024 production and deliveries that fell well short of analyst expectations, citing supply chain snags and disruptions at key factories.
For the first quarter of 2024, Tesla produced 433,371 vehicles but only delivered 386,783 to customers, check out Tesla Q1 press releases. That latter figure came in around 10% below the roughly 431,000 units that Wall St analysts were anticipating.
In the fine print of its delivery report, Tesla pointed to a few “frictional” headwinds that pumped the brakes on its rollout cadence. There was the “early phase of the production ramp of the updated Model 3” at its Fremont plant, as well as unplanned factory shutdowns.
Specifically, Musk’s team called out “shipping diversions caused by the Red Sea conflict and an arson attack at Gigafactory Berlin” as surprise disruptions that impacted deliveries.
While Tesla missed vehicle targets, there was a bright spot on the energy storage front. For the first time, the company reported Megapack installations in a delivery update, touting a record 4,053 megawatt-hours for utility-scale projects.
That’s a welcome data point for investors keen to gauge the growth trajectory of Tesla’s commercial battery business alongside its marquee automotive efforts.
All eyes will be on the company’s Q1 earnings, April 23rd. Musk and team will unpack their latest numbers.