Tesla Inc (NASDAQ:TSLA, ETR:TL0) sentiments soured otherwise positive news for Amazon-backed EV maker Rivian Automotive Inc (NASDAQ:RIVN) – which, unlike Musk’s Tesla, beat forecasts for its delivery numbers after Tuesday’s market close.
Rivian said it produced 13,980 vehicles and delivered 13,588 EVs in the first quarter, marking a 70% year-on-year improvement and exceeding Wall Street analyst predictions.
The EV van maker also said it was sticking to its target of producing some 57,000 units this year, albeit that factors in what’s described as a temporary “production pause” in the second quarter in order to upgrade facilities.
Rivian’s update came the same day as Tesla shares slumped around 5%, through a six-month low, after its delivery stats revealed a shock drop in sales – its first downturn in sales for four years - and softer than expected delivery numbers.
Tesla delivered 386,800 cars in the three months to March, down more than 8% on the same period a year ago.
Factory shutdowns on the back of Red Sea shipping diversions and an arson attack on its Berlin Gigafactory were to blame, Tesla said.
Wedbush Securities analyst Dan Ives described the update as an "unmitigated disaster ... that is hard to explain away".
Tesla shares had already been under pressure due to a price war in China as manufacturers based there such as BYD and Xiaomi have massively increased their EV output.
Ives said the figures suggested the first quarter had been a "train wreck into a brick wall" for the company.
Rivian stock tumbled 5% lower in Tuesday’s dealing, and this morning in early premarket pointed around half a percent higher at $10.56 per share.
Tesla, meanwhile, gave up 4.9% on Tuesday and, indicated at $166.40 per share this morning, remains in the red.