Tesla Deliveries Plunge 31 Percent, Let's Investigate Musk's Excuses

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Elong Musk blames transit times in shipments and mislabeling.

Reuters reports Tesla Deliveries Drop 31 Percent in First Quarter Due to Overseas Shipping Challenges.

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.

Comments (11)
No. 1-5
Mish
Mish

Editor

I am on the road in Texas Hill Country. I forgot the charger for my computer. There was nothing at Best Buy or Altex Electronics so I am a bit stuck. Altex did have something that partially works with a warning about incompatibility when I boot. I can charge, but only when my computer is off. I have a powerful computer and even on battery save mode, it drains fast. Amazon was supposed to ship me the right unit overnight but I will not have it until Friday.

I will be posting less than normal for two reasons.

BoneIdle
BoneIdle

A pox on those laptop makers who supply a proprietary charger with every generation of device. I have a few laptops from one manufacturer. They all have the same connector but different amperage charger. A PITA.

Meanwhile, The Elon bells and whistles show continues. Are there no investors with actual engineering advisors who will look at the Tesla business case with a bit of technical reality rather than casino financial tactic?

Stuki
Stuki

They've started shipping 3s to Europe en masse now. That could help explain the increased number of cars in "In Transit"

KidHorn
KidHorn

Tesla will need a huge infusion of cash to survive. I suspect It will be very bad for equity holders. Cash strapped companies usually have to agree to onerous terms, like forking over a lot of equity, to get loans. They could get bought out, but again, any smart investor will wait until they file before making an offer.

Ossqss
Ossqss

Mish, Walmart carries an iGo 90 watt universal laptop charger kit that comes with 7 or so interchangeable tips. It would work. You should also be able to scale back battery consumption by throttling your processor. Setting would be in battery controls, probably under a performance setting. Good Luck,