Tesla reported a second consecutive decline in quarterly vehicle deliveries, as the world’s largest electric vehicle maker continues to suffer from slowing demand and stiff competition from cheaper Chinese rivals. The company delivered 443,956 vehicles globally in the three months to June — down 4.7 per cent from a year earlier, but slightly above Wall Street expectations for 439,302. Sales rebounded from a disappointing 386,810 in the first quarter, helping push up the shares 8.
Mainstream buyers remain sceptical of electric vehicles, which cost more to purchase, insure and repair. Tesla has not released a new vehicle in several years and rowed back plans for a new low cost model earlier this year. Its stock has fallen 18 per cent in the past 12 months and the company’s market capitalisation has almost halved from its peak of $1.2tn in November 2021. Adding to the troubles for Tesla is a consumer preference for cheaper hybrid models.