Tesla reported first-quarter deliveries of 358,023 vehicles Thursday, missing analyst expectations of about 370,000. The news sent Tesla stock down more than 5%, its worst single-day drop since November. The delivery figure marked a 6.3% increase year-over-year but a 14.4% decline from the previous quarter.
Despite the global miss, Tesla’s Shanghai Gigafactory delivered more than 85,600 vehicles in March, a new annual high, and 213,000 units for the quarter, up 23.5% year over year. Separately, CEO Elon Musk confirmed Tesla has ended production of the Model S and Model X, flagship models introduced in 2012 and 2015. The company has stopped accepting custom orders and is selling only existing inventory. Musk said the models are being phased out as Tesla shifts toward an autonomous-driving-focused future.
Tesla will report full first-quarter results April 22.
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