Tesla deliveries drop 31 percent in quarter one due to overseas shipping challenges
SAN FRANCISCO/BENGALURU, India - Tesla Inc deliveries fell 31 percent in its first quarter as the electric car maker struggled with its first shipments of the Model 3 sedan to Europe and China due to longer transit times.
Tesla, whose delivery numbers missed analysts’ expectations, 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. On Wednesday, Tesla said net income in the quarter would be negatively impacted by the lower delivery and recent price cuts. The company warned in February that it would post a first-quarter loss.
The Model 3 is the linchpin of Tesla’s growth strategy and Chief Executive Officer Elon Musk is under pressure to deliver the vehicle to new international markets efficiently, while guarding working capital.
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Tesla’s First-Quarter Deliveries PlummetTesla said new-vehicle deliveries in the first quarter fell 31% from the previous three months as the electric car maker strained to ship its Model 3 compact car to Europe and China for the first time.
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