Tesla said it had only delivered half of the quarter’s numbers by March 21, with 10,600 vehicles still in transit at the end of the quarter. By comparison, only 1,900 vehicles were in transit at the end of the fourth quarter.
Tesla, whose delivery numbers missed analysts’ expectations, had been expected to post lower deliveries, and it warned in February that it would post a first-quarter loss.
On Wednesday, Tesla said net income in the quarter would be negatively impacted by the lower delivery and recent price cuts.
Tesla delivered 50,900 Model 3s in the quarter, falling short of analysts’ estimates of 58,900, according to IBES data from Refinitiv. Deliveries of all models fell 31 percent from the fourth quarter to 63,000 vehicles, including 12,100 Model S sedans and Model X SUVs.
Total production fell 10.92 percent to 77,100 vehicles from 86,555 vehicles in fourth quarter. The company churned out 62,950 Model 3s, up from a total of 61,394 Model 3s in the fourth quarter.
It would not surprise me in the least that Tesla would mislabel shipments. However, you cannot deliver what you don't produce.
Production was down. Deliveries must follow production at some point.
After promising no more negative quarters, it took precisely one quarter to prove Musk wrong.
Mike "Mish" Shedlock.