Tesla Inc. stock falls as quarterly deliveries send mixed signals and investors worry that more price cuts are ahead.
Tesla Inc. stock dropped more than 6% on Monday as quarterly deliveries sent mixed signals and investors worried that trends for the electric-vehicle maker’s sales and production pointed to more price cuts ahead.
Tesla TSLA on Sunday said it delivered 422,875 vehicles in the first quarter, below FactSet analyst consensus. Tesla disclosed 10,695 deliveries of the Model S and Model X vehicles and 412,180 deliveries of Model 3 and Model Y vehicles. Tesla also guided for 2023 volume of around 1.8 million units and reiterated that the Cybertruck, its electric pickup, is on track to begin production later this year.
Itay Michaeli at Citi highlighted the spread between deliveries and production. Tesla made 441,000 vehicles in the quarter, exceeding deliveries, its proxy for sales, by some 18,000 vehicles.
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