Apr 3, 2024 - News

Local car maker tumbles

Teslas outside of a Tesla dealership.

An Austin Tesla dealership. Photo: Brandon Bell/Getty Images

Tesla's vehicle sales declined as the automaker grapples with logistical challenges and the industry faces lower-than-expected growth in EV sales.

Why it matters: As the world's largest maker of premium EVs, Tesla's performance is a close EV market barometer, our Axios colleague Nathan Bomey writes.

By the numbers: The automaker delivered 386,810 vehicles worldwide in the first quarter, down 8.5% from the same period a year earlier. Deliveries are a close approximation of sales.

The company also reported an unusually large gap between production and deliveries. Tesla said it produced 433,371 units, down about 7,000 from a year earlier.

The impact: Disappointed investors drove down Tesla's stock by 7.4% in pre-market trading.

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