Tesla's First-Quarter Deliveries Fall 8.5%, Missing Analyst Expectations

Tesla reported first-quarter vehicle deliveries of 386,810, an 8.5% drop from the year-ago quarter. Production was 433,371 vehicles, down 1.7% year-over-year. Analyst estimates for deliveries averaged 457,000, with a range from 414,000 to 511,000. Challenges included ramping up Model 3 production and factory shutdowns due to supply chain issues. Competition increased in China from brands like BYD and Xiaomi. Shares fell over 6.5% on the report.