Tesla’s First Quarterly Vehicle Sales Gain of 2024 Falls Short of Analyst Expectations
Tesla Inc. (TSLA) has reported its first quarterly vehicle sales gain of 2024, showing a modest rise in deliveries. However, the results have fallen just short of what analysts had anticipated, leading to some investor disappointment.
Sales Figures and Analyst Expectations
Tesla saw a 6.4% increase in vehicle deliveries for the first quarter of 2024, totaling 462,890 units. This falls just shy of the 463,900 units that analysts had been expecting. Despite benefiting from increased subsidies in China, Tesla could not meet the heightened expectations set by market analysts.
Stock Market Reaction
Tesla's stock had surged by approximately 35% in anticipation of improved sales figures and the announcement of an upcoming robotaxi event. However, following the news of the below-forecast sales numbers, Tesla's stock took a significant hit, falling over 6%. As of the most recent market close, Tesla's stock price was $245.12.
Energy Business Performance
While vehicle deliveries showed improvement from the prior quarter, Tesla's energy business reported a downturn. Energy storage deployments dropped by 25% from a record high in the second quarter, indicating a challenging landscape for its energy division.
Looking Ahead
Tesla faces mounting pressure to deliver stronger growth as it prepares to report its third-quarter financial results on October 23. Investors and analysts will be closely watching how Tesla navigates both its automotive and energy sectors in the coming quarters.
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