Shares of Tesla, the leading EV maker, tumble after ‘unmitigated disaster’ in Q1

By Martin Baccardax | The Street

Tesla  (TSLA)  shares fell sharply Tuesday, extending their 2024 slump to around $270 billion, after the world’s leading EV maker posted a much weaker-than-expected tally of first-quarter deliveries.

Tesla delivered 386,810 new cars over the three months ended in March, the company said in a statement, down 8.5% from the year-earlier period and 20% south of the record 484,507 tally reached over the three months ended in December.

Analysts’ forecasts for deliveries ranged from 425,000 to around 470,000, with LSEG data pegging the March-quarter target at around 455,000 units.

Tesla delivered 369,783 units of its Model 3 sedan and Model Y midsize SUV, as well as 17,027 units of its higher-priced Model S sedan and Model X full-size SUV, the report indicated.