Tesla drops 7% after the release of quarterly production and delivery data. In the first three months, 386,810 cars were delivered
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Even worse than you thought. Tesla narrowly missed estimates for first-quarter deliveries on Tuesday and fell 6% after the release of quarterly production and delivery data. In the first three months of 2024, 386,810 cars were delivered; those produced were 433,371. In the same quarter of 2023, it had delivered 422,875 cars and produced 440,808. In the fourth quarter of 2023, however, 484,507 vehicles had been delivered and (494,989 products). Analysts expected around 443,000 deliveries for the first quarter with a drop of around 415,000.
The company claims that the drop in volumes was partly due to the early stages of production of the Model 3 Highland, the restyling for 2024, and the forced shutdowns due to the winds of war in the Red Sea and the arson at the gigafactory of Berlin.
«Although we expected a bad first quarter – commented Dan Ives, analyst at Wedbush, traditionally “bull” on Tesla – this was actually a disastrous first quarter, which is difficult to explain. We believe this is a pivotal moment in Tesla’s history, where Elon Musk must turn the tide and turn around performance. Otherwise, there are clearly dark days ahead that could disrupt Tesla’s long-term narrative.” According to Ives, Tesla may have lost 3% of the market in China.
China is certainly a thorn in my side. Competitors have multiplied at an incredible rate. Much will be played on the technological leap with “autonomous” driving, i.e. the enhanced version of Full Self Driving / Autopilot which has already come under observation many times. The Chinese are not watching at all. So much so that today premium cars are chosen in 64% of cases, claims McKinsey, on the basis of an excellent Level 3 of autonomous driving. Musk’s promise, however, has yet to be kept. This does not improve the picture in the eyes of investors.
Yet Tesla, thanks precisely to the slowdown of Chinese competitor BYD (314 thousand battery-powered cars delivered in the quarter, -43% compared to the fourth quarter of 2023) has regained leadership, but the result remains very disappointing. The Texan company aims to deliver 2 million cars this year, but with this start it seems unlikely that it will succeed.
The debutant Xiaomi, meanwhile, is racing on the stock market in the wake of last week’s presentation of its first and only electric sports vehicle, the SU7: the initiative of the Chinese consumer electronics giant, from smartphones to smart home devices, has aroused strong interest from the market, rewarding the stocks traded on the Hong Kong Stock Exchange, rising by 8.57% after a intraday peak of 16%. The Beijing-based company added about $7.6 billion to its stock market value as its shares hit their highest since January 2022 on the first trading day since the launch of its first car, inspired by the Porsche Taycan.
The Chinese company, which derives most of its revenues of 37.5 billion dollars from smartphones (it is the third largest manufacturer in the world), has reached a valuation of 55.2 billion dollars, higher than that of General Motors and Ford , of 52.4 and 53.1 billion respectively. Xiaomi’s SU7, short for Speed Ultra 7, enters China’s crowded electric vehicle market with an attention-grabbing price tag: less than $30,000 for the base model, cheaper than Tesla’s Model 3 in China.
On Friday the company declared pre-orders sold out, at 88,898, in just 24 hours. The declared initial annual production capacity is 150 thousand cars.
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Alberto Annicchiarico
vicecaposervizio
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2024-04-02 17:37:30
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