2024-04-04 16:45:00
Tesla Inc. sales recorded their pfirst year-on-year drop since the early days of the covid pandemic.
Tesla delivered 386,810 vehicles in the first three months of 2024, the company reported in a statement on Tuesday. The The figure was well below the average analyst estimate of 449,080 deliveries. The AStock fell 7% in early New York trading.
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Towards the end of the first quarter, Wall Street had quickly lowered projections for the Austin-based company’s deliveries, and some analysts even correctly predicted that the figure would be lower than the 422,875 vehicles delivered a year ago. The company had to face the closure of its plant on the outskirts of Berlin and modify the one in California to manufacture an improved version of the Model 3a process that tends to slow down production.
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The The biggest concern was consumer demand. High interest rates have kept some buyers on the sidelines, and Tesla has warned investors that it is “between two waves of growth.” In February, CEO Elon Musk posted that “most people don’t like buying cars in the middle of winter,” while offering a $1,000 incentive. Tesla has also started experimenting with advertising and has gone to great lengths to educate consumers regarding its product range.
Tesla doesn’t break down quarterly vehicle sales by region, but The United States and China have long been its largest markets. The company manufactures the Model S, X, 3 and Y in Fremont, California; and in Shanghai, the Model 3 and Y. It also produces the Model Y in its plants in Austin and on the outskirts of Berlin. The Model Y sport utility vehicle and Model 3 sedan accounted for 96% of deliveries in the fourth quarter.
Tesla expanded its offering late last year with the introduction of the stainless steel-clad Cybertruck vehicle in the US. The company did not say how many Cybertrucks it produced and delivered.
Despite the challenges, Tesla managed to regain its title as the world’s largest seller of electric vehicles following being overtaken by Chinese company BYD Co. late last year. In the first quarter, BYD sold 300,114 battery electric vehicles worldwide, the automaker said Monday. Including hybrid cars and other new energy cars, the Chinese company sold 626,263 units during the period.
Translated by Paulina Steffens.
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