TSLA daily
Tesla delivered 336,681 vehicles in the first quarter, according to a company release.
The consensus on deliveries was 377-380K but the whisper number was around 355K. Those compared to 386,810 in the first quarter of 2024.
Shares of Tesla were down 2.3% prior to the report and fell further afterwards.
The company reported 362,615K vehicles in production and said “the ramp of the New Model Y continues to go well.”
The big miss on deliveries suggests that March numbers have been very slow. That matches with data from France today showing Tesla sales down 37% y/y in March and Sweden down 64% y/y in the month. We should get those numbers from more markets in the coming days.
Analyst Gene Munster was on CNBC yesterday and said he had taken down his estimate but the long-time bull also dismissed the auto side in favor of ‘physical AI’, as many of the bulls do. On the auto side, he argued that the political headwinds for Elon Musk’s personal brand will fade and that sales will rise 5% y/y in the fourth quarter of this year.
Time will tell.