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Tesla's Production, Deliveries Fall in the 1st Quarter

April 04, 2019 / Manufacturing.net
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Tesla's assembly lines slowed and deliveries fell during a rocky start to the new year that is likely to magnify nagging doubts about the company's ability to post sustained profits. The Palo Alto, California, company churned out 77,100 vehicles from January to March, well behind the pace, it must sustain to fulfill CEO Elon Musk's pledge to manufacture 500,000 cars annually.
The company only delivered 63,000 vehicles in the quarter, down 31% from 2018's fourth quarter. It cited a big increase in vehicle deliveries to Europe and China and many challenges encountered for the first time.
The lower-than-expected delivery numbers and pricing adjustments will take a bite out of Tesla's first-quarter net income, it said. But it said it ended the quarter with sufficient cash on hand. Tesla said it still expects to deliver between 360,000 and 400,000 vehicles this year.