Tesla delivered just 386,810 vehicles globally in the first three months of 2024, down 8.5% from a year earlier when it delivered 423,000 vehicles. It was the company’s lowest quarterly performance since the third quarter of 2022.
As of Tuesday, the company’s stock has fallen 33% this year, making it one of the worst performers in the S&P 500 index.
Yet even with the sharp drop in sales for Tesla, it reclaimed the global title of world’s top electric-vehicle seller from the Chinese manufacturing company BYD. BYD reported it sold only 300,114 electric vehicles (EVs), not including hybrids, in the first quarter, down from the 525,409 it sold in the final quarter of 2024.
But unlike Tesla, BYD’s EV sales were up 13% compared to the year earlier, when it sold only 264,647 battery-powered cars. BYD wasn’t the only major automaker that saw an increase in first-quarter sales, though.
Hyundai Motor of America’s EV sales jumped 62% for the first quarter compared to the first quarter of last year. The automaker Rivian, whose R1 pickup competes with the Cybertruck, had a 100% growth in EV sales. The sales of the truck and its two other models rose 70% in the quarter to 13,600 vehicles.
While Hyundai and Rivian enjoyed increasing sales this quarter, others reported disappointing results.
General Motors saw EV sales in the first quarter decline 20.5%, which may have resulted from phasing out of the Bolt EV. Fiat Chrysler Automobiles (FCA) said it had total sales of 332,540 vehicles in the first quarter, down 10%.
Overall, automakers reported mixed results in the EV market. Some of the declined sales, primarily for Tesla, may have resulted from problems beyond the company’s control.
Tesla was forced to halt output at its plant in Germany for two weeks beginning in late January, citing parts shortages stemming from attacks on ships in the Red Sea. A fire at a Tesla factory near Berlin that resulted from an arson attack also created manufacturing problems.
Tesla had to temporarily suspend production at its plant in Germany for two weeks starting in late January due to parts shortages caused by attacks on ships in the Red Sea. Additionally, an arson attack at a Tesla factory near Berlin led to a fire and further compounded the company’s manufacturing issues.
Tesla is also dealing with a lack of new products, with its only release since 2020 being the Cybertruck. The Cybertruck is a futuristic pickup truck, but the cheapest version that Tesla says it can deliver this year starts at around $80,000, making it out of reach for most car buyers. Elon Musk also told investors that Tesla is working on an electric car that will cost around $25,000 but won’t be available until late 2025 at the earliest.
