Tesla reported 387,000 deliveries for the March quarter, down 9% year over year vs. production at 433,000, pointing to increased inventory levels, Mizuho tells investors in a research note. Soft electric vehicle deliveries from Tesla, weakness from ramps of the new Model 3 in Fremont, factory shutdowns from Red Sea shipping diversions, the arson attack at the Gigafactory Berlin, and a material slowing in demand could also be a headwind for the 2024 outlook for the analog component supply chain. The firm made no change to its Neutral rating or $195 outlook.
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