Tesla Vehicle Production & Deliveries for First Quarter 2024

Tesla has released its financial results for vehicle production and deliveries, for the first quarter of 2024. During this time, Tesla produced over 433,371 vehicles and delivered approximately 386,810 vehicles. This is a 20% decrease from the previous quarter and a 9% reduction from 2023, in the same period. This decline could be due to several factors, such as the supply chain delays caused by the conflict in the Red Sea. 

These dire financial results come just after a judge rejected CEO Elon Musk’s US$56bn pay package, which was described as an ‘unfathomable sum’.

“I’m going to make sure Tesla is very prosperous,” Elon said. “Tesla constitutes the majority of my work time. I work every day of the week.”

If these figures continue to drop, he’s going to have to find a way to work overtime.

Tesla’s Model 3: innovative engineering

Six years after the first Model 3 Performance Tesla arrived on the EV scene, the new Model 3 Performance offers drivers the latest in manufacturing innovation and engineering capabilities. 

This quarter saw 412,376 Model 3/Y vehicles leave the production line and a total of 369,783 deliveries. 

The new Model 3 Performance pioneers major comfort improvements in regards to Noise, Vibration and Harshness (NVH), atop staggered 20” wheels with Tesla-specific Pirelli P ZERO 4 performance tires, which offers:

• A higher torque output, allowing for better traction out of corners while limiting traction control interventions.
• A stronger rear tire, enabling overall roll stiffness to improve overall comfort.
• The new Pirelli P ZERO 4 tires offer a combination of lower rolling resistance and increased range.

Yet these engineering improvements have been achieved without sacrificing efficiency, as Tesla reports a 2% reduction in energy consumption, compared to the previous generation Model 3.

Tesla’s home energy storage 

In Quarter 1, Tesla managed to deploy 4,053 MWh of energy storage products, its highest quarterly deployment to date. Such products include Powerwall and Megapack, which have been designed to accompany Tesla’s long-term vision for a sustainable future. 

Powerwall and Megapack are home-storage batteries, which offer protection against power outages. The goal is that with strong and sustainable energy infrastructure, there can be a cleaner grid which safeguards consumers, communities and the wider environment. 

However, home-storage batteries do not protect against a supply chain crisis. Tesla’s production has once again been hit by the global chip shortage preventing Tesla from fulfilling orders. Elon Musk reported that customer demand sat at 80,000 requests for Powerwalls, but that Tesla would only be able to manufacture up to 35,000 this quarter. 

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