Tesla (NASDAQ:TSLA) plunged in trading after announcing dismal vehicle deliveries in Q1. In the first quarter, the EV major produced 433,000 vehicles and delivered around 387,000 vehicles. This vehicle delivery number was below analysts’ expectations of vehicle deliveries of 457,000.
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Furthermore, Tesla produced 412,376 Model 3 and Model Y vehicles and delivered 369,783 of them in Q1. The company produced 20,995 of its other models and delivered 17,027 vehicles in the first quarter.
The company’s volumes declined as it was in the initial stages of increasing the production of its updated Model 3 at its Fremont factory. In addition, factory shutdowns occurred due to shipping diversions as a result of the Red Sea conflict and an arson attack at its Gigafactory in Berlin.
Tesla is expected to report its first-quarter results on April 23.
Is Tesla a Buy, Sell, or Hold?
Analysts remain sidelined about TSLA stock with a Hold consensus rating based on nine Buys, 19 Holds, and seven Sells. Year-to-date, TSLA has declined by more than 25%, and the average TSLA price target of $198.72 implies an upside potential of 13.4% at current levels.
