Tesla sales fell sharply last quarter as competition increased worldwide, electric vehicle sales growth slowed, and price cuts failed to draw more buyers. The company delivered 386,810 vehicles, almost 9% below the same quarter of last year and well below Wall Street expectations. The decline was attributed to various factors including the introduction of an updated Model 3, plant shutdowns, and an arson attack.
Tesla sales fell sharply last quarter as competition increased worldwide, electric vehicle sales growth slowed, and price cuts failed to draw more buyers. The Austin, Texas, company said it delivered 386,810 vehicles from January through March, almost 9% below the 423,000 it sold in the same quarter of last year. Sales also fell well short of Wall Street expectations. Analysts polled by FactSet expected Tesla Inc. to deliver 457,000 vehicles.
The company blamed the decline in part on phasing in an updated version of the Model 3 sedan at its Fremont, California, factory, plant shutdowns due to shipping diversions in the Red Sea, and an arson attack that knocked out power to its German factor
Tesla Sales Competition Electric Vehicles Growth Price Cuts Model 3 Factory Shutdowns Arson Attack
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