Tesla reported a sharp decline in sales last quarter due to increased competition in the electric vehicle market and unsuccessful price cuts. The company delivered 386,810 vehicles from January to March, almost 9% lower than the same period last year. The decline was attributed to various factors, including the introduction of an updated Model 3 sedan and disruptions caused by plant shutdowns and an arson attack. Tesla's previous price reductions also affected its profit margins.
Tesla sales fell sharply last quarter as competition in the electric vehicle market increased worldwide and price cuts the company enacted months ago failed to entice more buyers. The Austin, Texas, company owned by Elon Musk, said Tuesday it delivered 386,810 vehicles from January through March, almost 9% below the 423,000 it sold during the same period last year. 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 factory also caused fewer deliveries, it said. Last year, Tesla dramatically lowered prices by up to $20,000 for some models. In March, it temporarily knocked $1,000 off the Model Y, its top-selling vehicle. The reductions cut into the company's profit margins, which spooked investors
Tesla Sales Competition Electric Vehicle Market Price Cuts Buyers Decline Model 3 Factory Deliveries Profit Margins Investors
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