Tesla Q1 Production, Deliveries Down; Stock Dips

(RTTNews) - Shares of Tesla Inc. (TSLA) were losing around 6 percent on the Nasdaq Stock Exchange after the luxury electric vehicle maker Tuesday reported weak production and deliveries in its first quarter.

The company has produced around 433,371 vehicles in the first quarter, comprising 412,376 units of its Model 3 and Model Y vehicles and 20,995 other models.

The company delivered around 386,810 vehicles in the quarter. These included 369,783 units of its Model 3 and Model Y vehicles and 17,027 other models.

Tesla said it deployed 4,053 MWh of energy storage products in the first quarter, the highest quarterly deployment yet.

In the prior year's first quarter, Tesla produced 440,808 vehicles and it delivered 422,875 vehicles. The company delivered 412,180 units of its Model 3 and Model Y, along with 10,695 units of its Model S and Model X.

Tesla now said, "Decline in volumes was partially due to the early phase of the production ramp of the updated Model 3 at our Fremont factory and factory shutdowns resulting from shipping diversions caused by the Red Sea conflict and an arson attack at Gigafactory Berlin."

The company plans to post its financial results for the first quarter after market close on April 23.

On Nasdaq, Tesla shares were trading at $165.10, down 5.78%.