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Tesla's production outstripped its shipments in the final quarter, a possible sign that the electric car maker is facing slowing demand for its iconic vehicles. After a blockbuster until 2018, which saw the company go through what its CEO, Elon Musk, called "the hell of production" for its model 3, the figures released Wednesday by the company indicate that Tesla has only delivered 63,000 vehicles in the first three months of 2019 – down 30.5% from the previous quarter. And the company only delivered 12,100 of its higher-margin luxury S and X models, about half as much as in the fourth quarter. The company attributed this decline to "challenges" associated with "a massive increase in shipments to Europe and China".
Total production also fell to 77,000 in the first quarter of 2019, compared with 86,555 in the fourth quarter of 2018, despite the company's ramp-up for its compact, affordable "Model 3" sedan, the Model 3. Nevertheless, Tesla reaffirmed its forecast earlier this year, it would deliver between 360,000 and 400,000 vehicles in 2019.
Wall Street analysts expected Tesla to face a difficult quarter. On the one hand, the federal tax credit, which had already reduced the price of its electric vehicles by $ 7,500, had begun its planned elimination. In January, potential buyers of Tesla saw it fall by half to $ 3,750. It will fall again in the coming months to reach $ 1,875 in July and zero in 2020.
The company also continues to manage logistics, quality assurance and delivery issues. In February, Consumer reports says that it will no longer recommend Model 3, because of reliability issues. During a phone interview with reporters in February, Musk said, "This year, my top priority is to make outstanding service at Tesla." The company also backed down last month on a plan to close its showrooms, with the goal of lowering the price of its vehicles. . Now, the company says that nearly half of the exhibition halls will remain open, resulting in a 3% price increase on the S, X and the most expensive of the 3 models.
Tesla had warned that the expansion of sales in Europe and China could slow the pace of deliveries. The company is currently building a plant for Model 3 and its future Model Y compact SUV in Shanghai, and Musk has planned a European assembly plant project. But currently, Tesla only builds vehicles at its facility in Fremont, California. In a press release, the company said overseas shipments had risen sharply and 10,600 vehicles were in transit at the end of the quarter, compared to 2,907 at the end of 2018.
Nevertheless, some analysts seemed surprised by the lower figures of Tesla. "The first quarter is announcing itself as one of those that Tesla may want to forget, but it needs to explain to shareholders who own it a long-term disruptive," said Adam Jonas, analyst at Morgan Stanley. Bloomberg.
Jonas pointed out that the surprisingly low number of Model S crossover and sedan deliveries could be a concern for the company, assuming the vehicles are not refreshed this year. Serious luxury electric competitors are looming on the horizon: the Taycan Porsche is expected to come into production this year and Ford is teasing its all-electric sports car inspired by the "Mustang", which, according to the automaker, would have 300 miles interval.
Nevertheless, Tesla said that US orders for the 3 "model significantly exceeded" what it could deliver in the first quarter of 2019. The question then becomes: can Tesla get by with model 3 alone, even during a little moment? In February, the company finally began offering a $ 35,000 basic version of the vehicle, fulfilling Musk's dream of selling a consumer electric machine. This month, Tesla hosted an unveiling event (and began making $ 2,500 bookings) for the Y model, which customers are expected to see by the fall of 2020.
Tesla shares fell 8.3% on Thursday, saving about $ 4 billion in market capitalization.
Also on Thursday: A smiling Musk appeared before a federal judge in a Manhattan courtroom to respond to accusations by the US Securities and Exchange Commission that his tweet had violated a previous settlement with the agency on … his tweet. Judge Alison Nathan appeared to indicate that she was not ready to rule on the dispute and ordered the parties to take two weeks to reach a settlement. But Nathan said that she had "serious concerns about the fact that whatever I decide here, the problem is not finally solved" Bloomberg reported. Russian roller coaster Tesla continues.
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