(Credit: Emily Dreibelbis)
Tesla and Rivian released first-quarter production and delivery numbers today and both fell short of Wall Street's expectations, perhaps signaling a cooling in the EV market.
Tesla produced 433,371 vehicles and delivered 386,810 globally, an 8.5% drop from Q1 2023. It's the first time the EV maker has reported a year-over-year decline in quarterly deliveries since 2020, according to The Wall Street Journal.
The Model 3 and Model Y made up 96% of deliveries, which is typical. "Other models"—including the Model X, S, and Cybertruck—claimed the last 4%. Tesla did not report specific numbers for any models, though it has an earnings call scheduled for April 23, when we might get more details.
Tesla attributes the "decline in volumes" to the production ramp for the updated Model 3, shipping delays in the conflict-ridden Red Sea, and an arson attack at the Berlin Gigafactory by a far-left organization in protest of "extreme exploitation conditions" in the plant, AP reports.
On the energy side of the business, Tesla says it sold more energy storage products, such as the Tesla Powerwall, in Q1 than any other quarter to date.
Q1 output for Rivian, meanwhile, also fell below analysts' expectations, though only slightly. It produced 13,980 vehicles instead of an expected 14,250, Reuters reports, and delivered 13,588. That's just 3.5% of Tesla's nearly 387,000, but an encouraging 70% year-over-year increase from the 7,946 it delivered in Q1 2023.
Next quarter's report may be another rough one for Rivian since its Illinois factory will be closed from April 5-30 as the company reconfigures its production lines, one of several cost-cutting measures. Orders of its R1S and R1T vehicles will also be paused during that time, Carscoops reports. Last month, Rivian also put plans on hold for a second factory Georgia factory to save costs and focus on production in Illinois, AP reports.
Rivian's upcoming R2 and R3 vehicles should boost sales, though they will not arrive for a few years. The R2 launches in 2026 and starts at $45,000, or roughly half the price of those in its current lineup and will be produced at the Illinois factory.
It's not all bad news for EVs: Hyundai's EV sales for the quarter jumped 62% compared to Q1 last year, it said in its earnings report.