Tesla, Inc. (TSLA) announced its Q1 2024 vehicle production and delivery numbers today. The automaker lost the record-quarter streak with the first Q of this year.
Tesla produced a total of 433,371 and delivered 386,810 vehicles in Q1 2024. This leaves 46,561 vehicles sitting in the inventory — most of which are Model Y SUVs that the electric automaker is selling for heavy discounts in the United States.
Tesla further dropped the production of Model S and Model X compared to the previous quarter. Tesla only delivered 17,027 Model S, X, and Cybertruck in the first Q of 2024 while producing only 20,995 of these vehicles. Combined, Model S, X, and the Cybertruck account for only ~5% of Tesla’s total production while Model 3 and Model Y have the rest of the 95%.
| Production | Deliveries | |
|---|---|---|
| Model 3/Y | 412,376 | 369,783 |
| Other Models | 20,995 | 17,027 |
| Total | 433,371 | 386,810 |
Q1 2024 vehicle delivery numbers for Tesla dropped by less than 10% compared to the 1st quarter of 2023 (386,810 vs 422,875 vehicle units). But the automaker didn’t drop its production that much YoY. Compared to Q1 2023, Tesla’s vehicle production in the first quarter of 2024 dropped only 1.7% (from 440,808 to 433,371 units).
However, the US-based electric automaker’s sales dropped by slightly more than 20% in Q1 2024 when compared to Q4 2023.
Tesla’s big drop in vehicle deliveries does not come as a surprise. EV sales for Tesla’s biggest competitor in the Chinese EV market, BYD also dropped significantly in Q1 2024. There’s an overall downward trend in electric vehicle demand this year and Tesla CEO Elon Musk had already predicted this in the company’s 2023 Earnings Call.
Tesla actually regained its title as the biggest EV maker and seller from BYD in Q1 2024. BYD’s sales dropped by a whopping 43% compared to the previous quarter. While Tesla’s vehicle deliveries only dropped by ~20%.
Some Tesla haters are quoting the Tesla vehicle delivery numbers as “disastrous” — but this isn’t truly the case — the entire EV industry is slow this year. Q1 in the automotive market is also generally considered the slowest quarter globally. These numbers were expected and Tesla did better than most as we discussed in the example of BYD above.
Q1 2024 Earnings Call Schedule
Tesla (TSLA) also announced the 2024 first-quarter earnings call date and time on its official investor relations website.
Tesla will announce its Q1 2024 financial results and conduct the earnings call with Elon Musk and the rest of the top management of the company on Wednesday 23rd April 2024. The call be live-streamed as an audio webcast and will also be available to replay later on.
Here are the details:
Tesla will post its financial results for the first quarter of 2024 after market close on Tuesday, April 23, 2024. At that time, Tesla will issue a brief advisory containing a link to the Q1 2024 update, which will be available on Tesla’s Investor Relations website. Tesla management will hold a live question and answer webcast that day at 4:30 p.m. Central Time (5:30 p.m. Eastern Time) to discuss the Company’s financial and business results and outlook.
What: Date of Tesla Q1 2024 Financial Results and Q&A Webcast
When: Tuesday, April 23, 2024
Time: 4:30 p.m. Central Time / 5:30 p.m. Eastern Time
Q1 2024 Update: https://ir.tesla.com
Webcast: https://ir.tesla.com (live and replay)
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