The news comes as the broader market experienced a decline, with the Consumer Discretionary sector also facing pressure, adding to the stock’s downward movement as investors digest the latest figures.
Delivers 358,000 Vehicles
In the first quarter, Tesla produced over 408,000 vehicles and delivered over 358,000 vehicles, while also deploying 8.8 GWh of energy storage products.
In particular, the company reported Model 3/Y production and deliveries of 394,611and 341,893, respectively.
This performance is part of the company’s ongoing efforts to scale production and meet growing demand for electric vehicles and energy solutions.
China-Made EV Sales
Tesla reported an 8.7% year-over-year increase in China-made EV sales to 85,670 units in March, marking a fifth straight month of growth, according to the China Passenger Car Association.
First-quarter sales rose 23.5%, accelerating from the previous quarter, while global deliveries are expected to rebound nearly 10% from last year's slump tied to backlash against CEO Elon Musk's political views.
Tesla is also expanding beyond EVs, focusing on solar energy, humanoid robots, and robotaxis, and is in talks to buy $2.9 billion in solar equipment from Chinese firms.
Peers Sales
Tesla rival Rivian Automotive Inc. (NASDAQ:RIVN) fell consecutively for 4 months in the U.S. as the electric automaker gears up to launch the awaited R2 Crossover SUV.
Another major peer, Nio Inc. (NYSE:NIO) delivered 35,486 vehicles ...
