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Tesla stock down 6% after Q1 deliveries; Numbers ‘unmitigated disaster’

Tesla (NASDAQ:) reported its first-quarter delivery numbers, falling short of the expectations set by analysts. Tesla stock about 6% on the news. 

The electric vehicle giant delivered 386,810 vehicles against the estimated 449,080, according to Bloomberg consensus. 

Specifically, Model 3 and Model Y deliveries stood at 369,783, marking a 10% year-over-year decline, which was also below the expected 426,940 units. 

Production for the quarter reached 433,371 vehicles, against an anticipated 452,976, with Model 3/Y making up 412,376 of that total, again falling short of the 439,194 forecast.

“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,” Tesla said. 

Tesla also said it managed to deploy 4,053 MWh of energy storage products during the quarter.

Wedbush analysts said Tesla’s Q1 numbers “negatively shocked the Street.”

“While we were anticipating a bad 1Q, this was an unmitigated disaster 1Q that is hard to explain away.”

“We view this as a seminal moment in the Tesla story for Musk to either turn this around and reverse the black eye 1Q performance. Otherwise, some darker days could clearly be ahead that could disrupt the long-term Tesla narrative.”

Read More: Tesla stock down 6% after Q1 deliveries; Numbers ‘unmitigated disaster’

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