Tesla Posts Worst Q1 Results Since 2020 With 3 Sales Falling Precipitously

Discussion in 'In the News' started by xcel, Apr 15, 2024.

  1. xcel

    xcel PZEV, there's nothing like it :) Staff Member

    [​IMG] A stale product lineup and an unfiltered CEO is not helping.

    Wayne Gerdes – CleanMPG – Apr. 2, 2024

    2024 Tesla Model Y

    [​IMG]
    LR RWD starts at $46,630 + TTL, down $10k from the AWD a year ago.​

    Tesla sold 140,025 vehicles in the US during Q1 of 2024, down 13.3% below the 161,630 sold during Q1 of 2023. This was the all-electric brands first YOY decline in deliveries since the 2020 pandemic. Tesla blamed the sales shortfall on several items including the production ramp of the updated Model 3, factory shutdowns due to shipping diversions caused by the Red Sea conflict, and an arson attack at Gigafactory Berlin. However, global production of 433,371 outstripped global deliveries of 386,810 by more than 46,000 vehicles making those arguments suspect.

    On a per model basis, the Model Y held its own with Q1 US sales of 96,729 vehicles, up 1.4% over the 95,362 sold during the same quarter of 2023. It was the 3 that took the beating. Q1 sales of 30,842 were down 43.9% from the 54,954 sold in the year ago quarter.

    Without the $7,500 Fed tax credit available, the Corolla sized Model 3 is apparently falling out of favor with US EV enthusiasts.

    The all-new Cybertruck was picked up by 2,803 owners and with a much higher profit margin, should help hold earnings scheduled for release on Tuesday, April 23.

    [​IMG]

    Tesla has attempted to maintain sales growth over the last year by cutting retail prices –$5k off both the Model 3 and up to $10k on the Y (RWD vs AWD in 2023) from a year ago, but with competition beginning to fill dealership showrooms from most every OEM and the uncensored rhetoric coming from the chairman, the all-electric brands marketshare has fallen .5% from the year ago period.

    Moving forward, Elon stated the company is just in a sales trough with improved volumes ahead due to a possibly canceled $25k Model 2, upcoming high performance 2 door Roadster, full production of the Cybertruck, the Semi, and its home and commercial solar and powerwall products. Another Musk FSD prognostication states that Full Self Driving will go live on August 8th. He has been making that same announcement since 2019 with nothing but unfulfilled promises since.

    2026 Tesla Roadster

    [​IMG]
    Release date announced for 2025 - 1,000+ HP, 0 to 60 in under 2.0 seconds, and a possible 250 mph top speed.​

    [​IMG]

    US Q1 2024 Top 10 US Auto OEM Sales Ranks
    1. GM - 594,233 vehicles sold in Q1 of 2024, down 1.5% below the 603,208 sold during Q1 of 2023
    2. Toyota - 565,098 vehicles sold in Q1 of 2024, up 20.3% over the 469,558 sold during Q1 of 2023
    3. Ford - 508,083 vehicles sold in Q1 of 2024, up 6.8% over the 475,906 sold during Q1 of 2023
    4. Stellantis - 332,540 vehicles sold in Q1 of 2024, down 9.7% below the 368,327 sold during Q1 of 2023
    5. Honda - 303,451 vehicles sold in Q1 of 2024, up 17.3% over the 284,507 sold during Q1 of 2023
    6. Nissan - 252,735 vehicles sold in Q1 of 2024, up 7.2% over the 235,818 sold during Q1 of 2023
    7. Hyundai - 184,804 vehicles sold in Q1 of 2024, up 0.2% over the 184,449 sold during Q1 of 2023
    8. Kia - 179,621 vehicles sold in Q1 of 2024, down 2.5% below the 184,136 sold during Q1 of 2023
    9. Subaru - 152,996 vehicles sold in Q1 of 2024, up 6.7% over the 143,379 sold during Q1 of 2023
    10. Tesla - 140,025 vehicles sold in Q1 of 2024, down 13.3% below the 161,630 sold during Q1 of 2023
    Q1 2024 Top 10 US Auto Model Sales Leaders
    1. Ford F-Series incl. LD and HD - 152,943 vehicles sold in Q1 of 2024, down 10.2% below the 170,377 sold in Q1 of 2023
    2. Chevrolet Silverado incl. LD and HD - 129,987 vehicles sold in Q1 of 2024, up 0.4% over the 126,992 sold in Q1 of 2023
    3. Toyota RAV4 - 124,822 vehicles sold in Q1 of 2024, up 47.4% over the 84,704 sold in Q1 of 2023
    4. Tesla Model Y - 96,729 vehicles sold in Q1 of 2024, up 1.4% above the 95,362 sold in Q1 of 2023
    5. Honda CR-V - 95,038 vehicles sold in Q1 of 2024, up 41.3% over the 67,241 sold in Q1 of 2023
    6. Nissan Rogue - 90,804 vehicles sold in Q1 of 2024, up 8.7% over the 76,499 sold in Q1 of 2023
    7. RAM P/U incl. LD and HD - 89,417 vehicles sold in Q1 of 2024, down 15.1% below the 105,350 sold in Q1 of 2023
    8. Toyota Camry - 78,337 vehicles sold in Q1 of 2024, up 18.6% over the 66,037 sold in Q1 of 2023
    9. GMC Sierra incl. LD and HD - 68,597 vehicles sold in Q1 of 2024, up 0.1% over the 67,198 sold in Q1 of 2023
    10. Honda Civic - 61,929 vehicles sold in Q1 of 2024, up 36.0% over the 45,458 sold in Q1 of 2023
    [​IMG]

    US Q1 2024 EV Sales

    [​IMG]
     
    litesong likes this.
  2. Erdrick

    Erdrick Well-Known Member

    Sad to see such tepid - ok, flatlined - EV sales growth.
    Hopefully Elon gets bored with Tesla and leaves.
     
  3. litesong

    litesong litesong

    Starting out with the word hopefully, has Musk on the run for sure. :confused::rolleyes:
     
    Last edited: Apr 16, 2024
  4. xcel

    xcel PZEV, there's nothing like it :) Staff Member

    Hi All:

    Why? Maybe this will help?


    Wayne
     
  5. xcel

    xcel PZEV, there's nothing like it :) Staff Member

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