Tesla (NASDAQ: TSLA) posted weaker-than-expected first-quarter deliveries, as it saw weak performance in several global markets.
The US electric vehicle (EV) maker made 336,681 global deliveries in the first quarter, missing Wall Street analysts' expectations of 390,343 units, according to data it released today.
That's the lowest since the second quarter of 2022, down 12.96 percent from 386,810 units in the year-ago quarter and down 32.06 percent from 495,570 units in the fourth quarter.
Model 3 and Model Y deliveries totaled 323,800 units in the first quarter, down 12.4 percent from a year earlier.
"While the changeover of Model Y lines across all four of our factories led to the loss of several weeks of production in Q1, the ramp of the New Model Y continues to go well," Tesla said.
In the first quarter, Tesla produced 362,615 vehicles and deployed 10.4 GWh of energy storage products.
Tesla will release its financial results for the first quarter of 2025 on Tuesday, April 22 after the US markets close.
Tesla China saw wholesale sales of 78,828 vehicles in March, bringing first-quarter sales to 172,754, according to data released earlier today by the China Passenger Car Association (CPCA).
That means vehicles produced at the Shanghai plant contributed 51.31 percent of Tesla's global deliveries in the first quarter, down from 57.10 percent a year ago but up from 48.61 percent in the fourth quarter, according to data compiled by CnEVPost.
Tesla China's first-quarter sales were down 21.79 percent from 220,876 in the same period a year ago and down 28.29 percent from 240,902 in the fourth quarter.
BYD (HKG: 1211, OTCMKTS: BYDDY) continued to outsell Tesla in passenger battery electric vehicle (BEV) sales in the first quarter, although the Chinese company also saw a decline sequentially.
BYD sold 416,388 passenger BEVs in the first quarter, up 38.74 percent year-on-year, but down 30.07 percent from the fourth quarter of last year.
This is the second consecutive quarter that BYD's passenger BEV sales were higher than Tesla's.
Tesla only makes BEVs, while BYD makes BEVs and plug-in hybrid electric vehicles (PHEVs).
BYD's passenger NEV sales, including BEVs and PHEVs, were 986,098 units in the first quarter, up 57.93 percent year-on-year but down 34.87 percent from the fourth quarter of last year.
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