Tesla (NASDAQ: TSLA) has fallen far short of analyst estimates for its first quarter production and delivery performance. The company this morning released the much anticipated results, while blaming the shortfalls on an “early phase of the production ramp” of its updated Model 3.
The company also worked to blame the weak numbers on factory shutdowns due to shipping diversions caused by the Red Sea conflict, and an arson attack at its factory in Berlin.
Total deliveries for the first quarter amounted to 386,810, comprising of 369,783 Model 3/Y deliveries and 17,027 deliveries from other models, which includes the Model S, Model X, and Cybertruck. Analysts had been expecting 449,080 vehicles to be delivered during the month.
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Production for the month meanwhile totaled 433,371 vehicles, which consisted of 412,376 Model 3/Y’s, and 20,995 other models. Analysts had been expecting production of 452,976 vehicles during the quarter.
Collectively, Tesla overproduced 46,561 vehicles over the course of the quarter.
Tesla last traded at $163.23 in pre-market trading, down 6.84%.
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