Sales also fell short of even the most bearish Wall Street expectations.
Tesla sales fell sharply last quarter as competition increased worldwide, electric vehicle sales growth slowed, and price cuts failed to lure more buyers.
The company blamed the decline in part on phasing in an updated version of the Model 3 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.In its letter to investors in January, Tesla predicted “notably lower” sales growth this year.
Shares of Tesla tumbled 5.5% in Tuesday morning trading to 165.54 dollars, continuing an extended decline. The quarter is a “seminal moment” in the Tesla growth story, Mr Ives wrote, adding that CEO Elon Musk will have to turn the company around. “Otherwise, some darker days could clearly be ahead that could disrupt the long-term Tesla narrative.”
During the quarter, Tesla lost production time in Germany after a suspected arson attack cut its power supply. Mr Ives estimated that China sales slid 3% to 4% during the period.
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