A stale product lineup and an unfiltered CEO is not helping. Wayne Gerdes – CleanMPG – Apr. 2, 2024 2024 Tesla Model Y 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. 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 Release date announced for 2025 - 1,000+ HP, 0 to 60 in under 2.0 seconds, and a possible 250 mph top speed. US Q1 2024 Top 10 US Auto OEM Sales Ranks GM - 594,233 vehicles sold in Q1 of 2024, down 1.5% below the 603,208 sold during Q1 of 2023 Toyota - 565,098 vehicles sold in Q1 of 2024, up 20.3% over the 469,558 sold during Q1 of 2023 Ford - 508,083 vehicles sold in Q1 of 2024, up 6.8% over the 475,906 sold during Q1 of 2023 Stellantis - 332,540 vehicles sold in Q1 of 2024, down 9.7% below the 368,327 sold during Q1 of 2023 Honda - 303,451 vehicles sold in Q1 of 2024, up 17.3% over the 284,507 sold during Q1 of 2023 Nissan - 252,735 vehicles sold in Q1 of 2024, up 7.2% over the 235,818 sold during Q1 of 2023 Hyundai - 184,804 vehicles sold in Q1 of 2024, up 0.2% over the 184,449 sold during Q1 of 2023 Kia - 179,621 vehicles sold in Q1 of 2024, down 2.5% below the 184,136 sold during Q1 of 2023 Subaru - 152,996 vehicles sold in Q1 of 2024, up 6.7% over the 143,379 sold during Q1 of 2023 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 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 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 Toyota RAV4 - 124,822 vehicles sold in Q1 of 2024, up 47.4% over the 84,704 sold in Q1 of 2023 Tesla Model Y - 96,729 vehicles sold in Q1 of 2024, up 1.4% above the 95,362 sold in Q1 of 2023 Honda CR-V - 95,038 vehicles sold in Q1 of 2024, up 41.3% over the 67,241 sold in Q1 of 2023 Nissan Rogue - 90,804 vehicles sold in Q1 of 2024, up 8.7% over the 76,499 sold in Q1 of 2023 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 Toyota Camry - 78,337 vehicles sold in Q1 of 2024, up 18.6% over the 66,037 sold in Q1 of 2023 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 Honda Civic - 61,929 vehicles sold in Q1 of 2024, up 36.0% over the 45,458 sold in Q1 of 2023
Sad to see such tepid - ok, flatlined - EV sales growth. Hopefully Elon gets bored with Tesla and leaves.
Hi All: The arrogance of this man... Earlier this week, Elon Musk confirmed his threat to Tesla shareholders: I want 25% of the company or I won’t build AI and robotic products. Musk is also manipulating the company's path including mothballing the cheaper Tesla Model 2 which was going to be to small anyway, while pretending that a future Robotaxi program set to be announced in August will provide future profitability. Tesla announced via twitter/X that Musk would be “uncomfortable” building AI products at Tesla unless he receives a 25% voting power over Tesla, reincorporate Tesla in Texas, and reapprove his $55-billion USD 2018 compensation package. All the while laying off 10% of the company without much thought as to a strategy. Make of it want you will, he pretends to work harder than anybody while living at twitter for a few months and messing around with SpaceX and Tesla. So what 6-hours per day does he spend at any one of his company's while forcing Execs and white collar to spend 12+ at one of the individual company's and threatening to lay off anyone in his way? He wants that 5% of Tesla he had to sell to cover his twitter purchase debacle and he will do it on the backs of everyone else. Wayne
Hi All: Tesla released their Q2 2024 Global production and sales results this morning. Global Q2 2024 Sales reached 443,956 vehicles, down .6% from the 446, 915 sold in Q2 of 2023. The Model Y and 3 accounted for 422,405 vehicles sold while the CT, X, and S accounted for 21,551 of the rest. Wayne
Hi All: KBB released their Q2 2024 and YTD, US Owner Sales/Registration breakouts for the Tesla brand. Overall, Tesla sold 164,264 vehicles in the US during Q2 of 2024, down 6.3% below the 175,262 sold through Q2 of 2023. YTD sales of 304,451 was down 9.6% vs the 336,892 sold through the same period of 2023. On an individual model breakout, the CT was the only standout and in fact, outsold the Ford F-150 Lightning for the first time in the Q2 of 2024. 8,755 vs 7,902. YTD however, the Lightning is still in the lead with 15,645 sold compared to the 11,558 CTs sold through the same period by comparison. Model Y achieved Q2 of 2024 sales of 101,301, down 3.7% below the 105,158 sold during Q2 of 2023. YTD sales of 198,030 was down 1.2% below the 200,520 sold through the same period of 2023. Model 3 achieved Q2 of 2024 sales of 42,710, down 26.2% from the 57,837 sold during Q2 of 2023. YTD sales of 73,552 was down 34.8% below the 112,791 sold through the same period of 2023. Cybertruck achieved Q2 of 2024 sales of 8,755. YTD sales reached 11,558 vehicles sold. Model X achieved Q2 of 2024 sales of 6,570, down 6.3% below the 7,010 sold during Q2 of 2023. YTD sales of 12,177 was down 9.6% below the 13,475 sold through the same period of 2023. Model S achieved Q2 of 2024 sales of 4,928, down 6.3% below the 5,257 sold during Q2 of 2023. YTD sales of 9,134 was down 9.6% below the 10,106 sold through the same period of 2023. Wayne
