Tesla (TSLA) shares tumbled over 5% in early trading Tuesday as the electric vehicle (EV) maker reported it delivered 386,810 vehicles in the first quarter of 2024, about 8.5% below deliveries in the same period a year earlier.
Tuesday’s figures are well below the 422,875 vehicles Tesla delivered in the first quarter of 2023 and the 484,507 deliveries in the final quarter of 2024.
“Decline in volumes was partially due to the early phase of the production ramp of the updated Model 3 at our Fremont factory and factory shutdowns resulting from shipping diversions caused by the Red Sea conflict and an arson attack at Gigafactory Berlin,” the company said.
Last month, reports also emerged that Tesla had decreased production at its factory in Shanghai, China, shifting to a five-day schedule from six and a half days previously.
Wall Street received an early indication of the direction Tuesday’s production and deliveries figures could go, as …