Tesla Inc

TSLA: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$159.00	Gmsfv	Bwfzdxclty

Tesla: First-Quarter Deliveries Show Surprising Decline

Seth Goldstein

Apr 2, 2024

Tesla announced 2024 first-quarter deliveries of 386,810 vehicles, down roughly 8.5% versus the first quarter of 2023. We have updated our model to assume full-year 2024 deliveries come in roughly flat versus 2023 at a little over 1.8 million vehicles, down from our prior forecast for 10% growth. With our long-term outlook largely unchanged, we reduce our Tesla fair value estimate to $195 per share from $200. Our narrow moat rating is unchanged.

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