In the first quarter of 2024, Tesla produced 433,371 vehicles and delivered 386,810 vehicles. The deliveries were down 20.2% from the prior quarter and 8.5% lower from a year ago, underperforming analysts’ expectations.

Tesla deployed 4,053 MWh of energy storage products in Q1, the highest quarterly deployment yet.

Tesla attributed the decline in volumes partially to the early phase of the production ramp of the updated Model 3 at the Fremont factory and factory shutdowns resulting from shipping diversions caused by the Red Sea conflict and an arson attack at Gigafactory Berlin.

Tesla will post its financial results for the first quarter of 2024 after market close on Tuesday, 23 April 2024.

Competitor BYD sold 300,114 EVs in the first quarter of 2024, down 43% from a record quarterly high of 526,409 units sold in Q4 2023. BYD’s first-quarter sales were up 13.4% from Q1 2023.