Tesla Q1 deliveries tank 20%: '$TSLA could easily break down from here'

Tesla Inc (NASDAQ: TSLA) is taking a hit at writing after reporting a 20% sequential decline in deliveries for its fourth quarter.

How many vehicles did Tesla deliver in Q1?

The EV giant based out of Austin, Texas delivered a total of 386,810 vehicles in Q1 – down some 8.5% versus a year ago. Quarterly production also came in down 1.7% (YoY) and 12.5% (QoQ) on Tuesday.

Analysts, in comparison, had forecast $TSLA to deliver 457,000 vehicles in the first quarter. According to the electric vehicles behemoth:

Tesla stock is now down close to 35% versus the start of 2024.

Is Tesla stock worth buying on weakness?

Also on Tuesday, Michele Schneider – chief strategist at Marketgauge.com agreed that “Tesla is still the pinnacle” but said an innovation is required for the stock to move back up.

Without one, she added on CNBC’s “Worldwide Exchange”, $TSLA could "easily break down from here to $150".

In fact, Shneider sees downside to $110 as a possibility as well where she said “you’re going to start to see some real value”. The Nasdaq-listed firm will report its full quarterly earnings report on April 17^th.

Tesla, however, is not the only one in red today. Its U.S. peer Rivian Automotive Inc (NASDAQ: RIVN) is sinking as well even though it came in ahead of Street estimates for deliveries in its first quarter.