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2024 is a big year for the Tesla Model 3. For the first time since the model’s 2017 release, the Model 3 got a welcome redesign under the codename “Highland.” However, the sales performance of the Tesla Model 3 in 2024 doesn’t reflect a warm welcome for the updated baby Tesla. Instead, deliveries of the updated Tesla fell well below expectations despite a ramp-up in production at the marque’s Fremont factory. 

Q1 2024 Tesla Model 3 deliveries fell well short of production figures

Q1 isn’t looking spectacular for electric car titan Tesla. Shares are down roughly 33% this year, meaning the company has a market loss of around $30 billion. It’s dire news for the country’s most valuable car brand. 

According to Reuters, the Q1 slump marks a fall from a record high in Q4 2023. Tesla’s Q4 2023 deliveries were the closest the brand’s been to 500,000 deliveries in a quarter. However, the precipitous drop represents the lowest Tesla delivery volume since Q3 of 2022.

A pair of 2024 Tesla Model 3 EVs, like the ones that fell behind in terms of sales and deliveries in Q1 2024.
A pair of 2024 Tesla Model 3 EVs | Tesla

The news of the plummeting number of sales and deliveries follows the welcome update to the Tesla Model 3. In addition to the update, Tesla earmarked its Fremont, California, factory to ramp up production of the Model 3. However, unlike the DB7 for Aston Martin or the Boxster for Porsche, the one model isn’t enough to buoy the brand. Instead, Tesla Model 3 sales are much lower than in the first quarter of last year.

Tesla doesn’t release the sales figures for the Model 3 and Model Y individually. Instead, the brand releases combined figures for the two popular EVs together. Specifically, Tesla sales figures for Q1 2024 suggest the brand sold and delivered 369,783 Model 3 and Model Y EVs. Along with the brand’s other pricier EVs, Tesla delivered 386,810 vehicles, roughly 67,000 shy of Wall Street expectations.