Tesla's Q1 Production-Delivery Gap Widens, Inventory Surges Past 66,000 Vehicles

Tesla released its first-quarter 2024 production and delivery figures on April 3, reporting production of 408,386 electric vehicles and deliveries of 358,023 units—a production surplus of 50,363 vehicles over deliveries. Compared to the fourth quarter of 2023, which saw production of 434,358 vehicles and deliveries of 418,227 (a surplus of 16,131), combined inventory across the two quarters has increased by more than 66,000 units. Although both production and deliveries rose year-over-year in Q1, they declined sequentially, and deliveries fell short of Wall Street’s expectation of 365,645 units, causing a notable drop in Tesla’s stock price that day. Previously, in Q3 2023, Tesla delivered 497,099 vehicles—exceeding its production of 447,450—significantly drawing down inventory, largely driven by the impending expiration of the U.S. federal EV tax credit.