Tesla shares sink after sales fall more than expected in first quarter

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Tesla reported a bigger than expected drop in its quarterly deliveries in the first three months of the year, sending its shares more than 5 per cent lower in early Wall Street trading on Tuesday.

The company posted sales of 386,810 cars, down on 484,507 sold in the fourth quarter of last year and lower than the 422,875 it delivered in the first quarter of 2023.

It had been expected to sell about 450,000 vehicles in the most recent quarter.

However the latest delivery numbers still allowed Tesla to reclaim the crown as the world’s largest seller of battery electric vehicles, with shipments in the first three months of the year surpassing those of China’s BYD.

BYD earlier on Tuesday posted a 42 per cent fall in quarterly EV shipments to 300,114. The Chinese group, which also sells plug-in hybrid vehicles that use a battery and a traditional engine, overtook Tesla in EV sales during the final quarter of 2023.

This is a developing story

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