Tesla shares fall after deliveries drop 8.5% from a year ago

Tesla shares fell on Tuesday after the company reported a drop in vehicle deliveries in the first quarter, the first annual decline since 2020, when the global pandemic disrupted production.

Here are the key numbers:

Total deliveries Q1 2024: 386,810
Total production Q1 2024: 433,371

Vehicle production declined around 1.7% from a year earlier and 12.5% sequentially for Tesla, not nearly as steeply as the 8.5% annual drop in deliveries.

Tesla doesn't break out sales by model but reported it produced 412,376 Model 3/Y cars and delivered 369,783. It produced 20,995 of its other models and delivered 17,027.

In the same period last year, the electric automaker reported 422,875 deliveries and production of 440,808 vehicles. In the fourth quarter of 2023, Tesla reported 484,507 deliveries and production of 494,989 vehicles.

Deliveries are the closest approximation of sales reported by Tesla but are not precisely defined in the company's shareholder communications.

Tesla's deliveries for the quarter fell far below even the most bearish of analysts' expectations.

According to a mean of 11 estimates compiled by FactSet, analysts were expecting deliveries of around 457,000 for the period ended March 31. Estimates ranged from a high of 511,000 deliveries to a low of 414,000 for the first quarter, with estimates updated in March ranging from 414,000 to 469,000 deliveries.

Independent auto industry researcher Troy Teslike, whose work is closely followed by Tesla fans, had expected deliveries to come in around 409,000.

Tesla's head of investor relations, Martin Viecha, sent around a company-compiled consensus based on 30 analysts' estimates over the weekend to select investors. The consensus, which was viewed by CNBC, said analysts were expecting