Tesla Faces Stiff Headwinds to Start 2024 After Months of Challenges

Tesla’s 2024 struggles have continued well into Q1, after delivering its lowest quarterly number of electric cars to customers in over a year. 

According to BBC News, the Elon Musk-owned EV company handed over less than 387,000 cars in Q1 of 2024, down 8% year-over-year as shares dropped 4%. Production dropped an estimated 1.6%, dropping from 439,701 cars in the first three months of 2023 to 433,371 over that same period in 2024. 

Tesla has come across several challenges in recent months, including an alleged arson attack on its German factory halted work on March 5, costing the company hundreds of millions of dollars and leaving hundreds of vehicles unfinished. Tesla also had to suspend some of its European production in January after attacks on ships in the Red Sea led to a shortage of components. 

The company has faced stiff headwinds in China as well, where Chinese company BYD sold more EVs than Tesla in the last quarter of 2023. That marked the first quarter BYD had ever outpaced Tesla’s sales for battery-only vehicles. On March 28, Chinese smartphone company entered the EV fray too, announcing their first vehicle with a price point coming in under Tesla’s Model 3. 

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• Source: https://www.supplychainbrain.com/articles/39426-tesla-problems