I knew the numbers would be bad, but I didn't think they would be this bad! The stock price is holding up a lot better than I thought it would given these numbers. It's only off about 6% this morning. I would think it should test 150 again, currently 165.
Tesla 1Q sales fall nearly 9% as competition heats up and demand for electric vehicles slows
DETROIT (AP) — 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 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 factory.
In its letter to investors in January, the company predicted
“notably lower” sales growth this year. The letter said Tesla is between two big growth waves, one from global expansion of the Models 3 and Y, and a second coming from the Model 2, a new smaller and less expensive vehicle.
Last year Tesla dramatically lowered U.S. 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.
electrek.co
