(Bloomberg) — Tesla Inc. had Wall Street analysts second-guessing their models as the first quarter came to a close. One after another reduced their estimate for vehicle deliveries.
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They didn’t cut by nearly enough.
The carmaker led by Elon Musk delivered just 386,810 vehicles in the first three months of the year, missing Bloomberg’s average estimate by the biggest margin ever in data going back seven years. Tesla’s shares fell 4.9% Tuesday in New York, extending their 2024 slide to 33%, the second-worst showing in the S&P 500 Index.
A myriad of red flags went up throughout the quarter. First, Tesla warned its rate of growth will be “notably lower” this year, blaming interest-rate hikes that have kept its cars out of reach for many consumers even as it’s slashed prices. The company dealt with multiple disruptions at its plant outside Berlin. Musk…
