Tesla, led by Elon Musk, today shared its first quarter 2024 data. Although the data showed that the company was not going through a very good period, it did show that deliveries were down significantly. From the pandemic period in 2020

So compared to the same period last year 8.5% drop in deliveries happened. There was a decline of 20% compared to the previous quarter. This did not reflect well on the market and the company’s shares fell.

Tesla shares fell 7% on low sales announcements and market value fell to $520 billion

Tesla’s financials, which were well below expectations, did not reflect well on the stock. The company’s shares on the last day up to 7% saw a decline. Tesla shares were up slightly compared to the morning at the time this news was written. 166.05 Trading takes place in dollars. The market value of the company is up to $520 billion Let’s just point out that it’s decreasing. The market capitalization on April 1 was $557 billion.

Let’s take a detailed look at why this decline occurred. According to data, the company has over the past three months 386 thousand 810 sales carried out. This is 20% less than the turnover of 484 thousand in the previous quarter. That is 8% lower than the turnover of 422 thousand in the first quarter of 2023. Normally the company would sell 450,000 vehicles.

There was another decline on the production side. Auto giant, from January to March 433 thousand 371 carsI produced. Let us note that in the same period last year 440 thousand vehicles were produced, and in the previous quarter 494 thousand vehicles were produced. Here too there has been a decline, although not as much as deliveries.

It is argued that there are several reasons for these declines. Among these, what happened in the Red Sea attacking ships There are things like factories that are closed because of the arson at the Gigafactory in Berlin.