Tesla’s total deliveries are down and it’s paying a price for it

When Tesla shared the news of its quarter, its stocks dropped 11 percent

Tesla’s first quarter 2019 deliveries report states that the company delivered 31 percent fewer vehicles compared to Q4 2018. 

While it’s delivery numbers are down compared to the previous quarter’s 90,966 deliveries, it still managed to deliver 110 percent more than Q1 2018.

Throughout Q1 2019 the company produced 77,100 vehicles, 62,950 we’re the Model 3. The Model S and X made up the remaining 14,150. Deliveries, on the other hand, were slightly below that with a total of roughly 63,000 vehicles. Of these, 50,900 were Model 3s, and 12,100 were the higher-end Model S and X.

Tesla blames this low growth in deliveries because at times it was delivering five times more vehicles to Europe and China, which resulted in some unexpected problems.

The company said that a large portion of its Q1 2019 delivers will have to be shifted to Q2. Even though it hit lower than expected targets, the company says it has “sufficient cash on hand.”

As a result of this lower than expected quarter, Tesla shares dropped 11 percent when the markets opened, according to Bloomberg. As a result, Elon Musk’s net worth also dropped by about 1.1 billion USD, as per Bloomberg’s report.

Source: Tesla, Bloomberg