Home » US car manufacturer: Tesla records its first decline in sales in years

US car manufacturer: Tesla records its first decline in sales in years

by admin
US car manufacturer: Tesla records its first decline in sales in years

US automaker Tesla recorded its first decline in sales in almost four years in the first quarter of 2024. Sales fell by nine percent to 21.3 billion US dollars (19.9 billion euros) compared to the same quarter last year, as the electric car manufacturer announced. Analysts on average had expected sales of $22.15 billion. According to the company, quarterly profits fell by a total of 55 percent to $1.13 billion.

More on the topic: Tesla

Elon Musk: Tesla is fighting for its reputation

Auto industry: Tesla is abolishing the turn signal lever

USA: Tesla recalls thousands of Cybertrucks due to accelerator pedal problems

The decline in business figures had already been reflected in weak sales figures. Tesla fell short of expectations by delivering around 387,000 vehicles in the first quarter of 2024. This corresponds to a decline of 8.5 percent compared to the same quarter of the previous year. To explain this, Tesla refers, among other things, to the lack of production at the Grünheide plant near Berlin after an attack at the beginning of the year.

Tesla expects a lull

Tesla has not yet given a specific forecast for future deliveries for the current year, but expects a noticeable decline compared to 2023. The share price rose by more than seven percent in after-hours trading. The price had fallen by more than 40 percent since the beginning of the year.

When presenting its quarterly figures, Tesla confirmed that new models would go into production in the second half of 2025. These also include cheaper vehicles. This announcement was expected by analysts and industry experts who had criticized Tesla for only offering high-priced models. Recently, according to media reports, there were doubts as to whether Tesla would stick to a cheaper model that had been announced for years.

See also  20 Years of the "Eight-Eight Strategy": Zhejiang's Journey Towards Modernization

After strong growth in recent years, Tesla is encountering weaker demand and growing competition, especially from China. In addition, quality and safety deficiencies are causing problems for the US company. Tesla recently reduced the prices of some models again. In addition, more than one in ten jobs worldwide are to be cut, including hundreds at the factory in Brandenburg.

US automaker Tesla recorded its first decline in sales in almost four years in the first quarter of 2024. Sales fell by nine percent to 21.3 billion US dollars (19.9 billion euros) compared to the same quarter last year, as the electric car manufacturer announced. Analysts on average had expected sales of $22.15 billion. According to the company, quarterly profits fell by a total of 55 percent to $1.13 billion.

The decline in business figures had already been reflected in weak sales figures. Tesla fell short of expectations by delivering around 387,000 vehicles in the first quarter of 2024. This corresponds to a decline of 8.5 percent compared to the same quarter of the previous year. To explain this, Tesla refers, among other things, to the lack of production at the Grünheide plant near Berlin after an attack at the beginning of the year.

You may also like

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy