The company did not meet analyst expectations. Tesla said the decrease in volume was partly due to the early stages of ramping up production for the updated Model 3 at the Fremont factory and disruptions from factory shutdowns. These shutdowns resulted from shipping diversions caused by the Red Sea conflict and an arson attack at Gigafactory Berlin. Despite these challenges, Tesla regained its position as the world's top battery electric vehicle manufacturer by volume. Tesla stock lost over 36% in the last six months.