Key Points
Tesla (NASDAQ: TSLA) reported nearly 360,000 electric vehicle deliveries for the first quarter of 2023, falling short of Wall Street expectations. This disappointing performance also led to a 4.2% drop in Tesla’s stock price as of 12:20 p.m. ET on the announcement date.
In addition to vehicle delivery figures, Tesla’s energy storage deployment saw a significant decline, with only 8.8 GWh put into service, a sharp drop from 14.2 GWh in the previous quarter. Analysts have criticized the company’s performance, noting that the surge in oil prices should ideally support increased EV sales, but current results fail to reflect that trend. Tesla’s upcoming earnings call on April 22 is expected to provide more insights into its AI and robotaxi initiatives.
