The company delivered 358,023 vehicles globally in the first quarter, according to a statement released Thursday. Analysts had expected an average of 372,160 vehicles based on estimates from Bloomberg, a number that had been steadily declining in recent weeks. This marks the second consecutive quarter that Tesla has not met projections.
Deliveries still increased by 6.3% compared to a year ago, when the company paused Model Y production at global plants and faced consumer pushback against Chief Executive Officer Elon Musk.
Investors largely seem willing to overlook Tesla’s sales trends as Musk pivots to focus on futuristic business areas like artificial intelligence, autonomous vehicles, and robotics. However, the traditional automotive sector remains the main revenue driver for the Austin-based company, making it essential for Tesla to gain traction as U.S. electric vehicle demand fluctuates.
Tesla shares dropped 3.6% as of 9:01 a.m. prior to regular trading in New York, continuing a downward trend amid a general market decline. The stock has fallen 15% this year through Wednesday’s close and has decreased 22% from its record high in December.
