Tesla and Rivian Q1 Production and Sales Disappointments

Hiroko Tanaka
1 min read

Tesla and Rivian released their first-quarter production and delivery numbers, both falling short of Wall Street's expectations. Tesla produced 433,371 vehicles and delivered 386,810 globally, marking an 8.5% drop from Q1 2023. This is the first time the EV maker has reported a year-over-year decline in quarterly deliveries since 2020. The report highlights that the 'Model 3' and 'Model Y' comprised 96% of deliveries, with 'Other models' accounting for the remaining 4%. Tesla attributed the decline to various factors, including the production ramp for the updated 'Model 3' and shipping delays in the Red Sea. Notably, there was an arson attack at the Berlin Gigafactory. On the energy front, Tesla reported a surge in the sale of energy storage products in Q1. Rivian's Q1 output also fell slightly below analysts' expectations. The company produced 13,980 vehicles and delivered 13,588, with plans for some production line reconfigurations. Additionally, Rivian's R1S and R1T vehicle orders will be paused due to factory reconfigurations. However, the upcoming R2 and R3 vehicles could potentially boost sales in the future. Despite these disappointments, Hyundai reported a 62% increase in EV sales for the quarter compared to Q1 last year, providing a silver lining for the EV market.

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