Last quarter, Tesla regained its title as the top-selling electric car maker worldwide, surpassing its Chinese competitor BYD despite falling short of delivery expectations.
Between January and March, Tesla produced approximately 433,000 vehicles and delivered 386,810, which was down by almost 40,000 compared to the same period last year. This delivery shortfall, about 63,000 units below expectations, led to a 7% drop in Tesla's stock shares.
Tesla attributed this shortfall to several factors, including the launch of the updated Model 3 at its Texas plant, shipping disruptions due to the Red Sea conflict, and a production halt following a power outage at its Berlin factory, suspected to be arson by environmental activists.
Despite these challenges, Tesla managed to surpass BYD in global EV sales. BYD had overtaken Tesla in the final quarter of 2023, delivering 526,409 EVs worldwide compared to Tesla's 484,507.
However, BYD's performance dipped significantly in the first quarter of 2024, with only 300,114 electric vehicles delivered, marking a substantial 43% decrease from the previous quarter.
Last quarter, Tesla's Model 3 and Model Y accounted for the majority of its global deliveries, with nearly 370,000 units. The Model S, Model X, and Cybertruck made up the remaining 17,000 units.
Elon Musk, Tesla's CEO, indicated that the company anticipates a temporary slowdown in sales and profits in 2024 as they prepare to launch their highly anticipated 'Model 2' entry-level EV next year, suggesting they're "between two major growth waves".
