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Tesla reports a fall in quarterly deliveries for the first time in nearly four years

Tesla missed Wall Street’s estimates and posted a fall in quarterly deliveries for the first time in nearly four years as the U.S EV maker continue to grapple with the effects of softer demand, stiffer industry competition and the waning momentum of its price cuts.

Tesla shares fell 5.7% as a result, adding to the nearly 30% slide in value so far this year.

Tesla, the world’s most valuable automaker, delivered about 386,810 vehicles in the three months to March 31, down 20.2% from the prior quarter. It produced 433,371 vehicles during the period.

Wall Street had expected Tesla to deliver 454,200 vehicles.

The company said the drop in volumes was partially due to its efforts to prepare the Fremont factory in California to increase production of the updated Model 3 and shutdowns at its plant in Berlin as a result of shipping diversions caused by the Red Sea conflict.

Tesla has also been facing intense competition in China from local players including market leader BYD and new entrant Xiaomi.

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