Tesla Sales Drop 9% Due to Increased Competition and Slowdown in EV Market

Sales of Tesla vehicles dropped nearly 9% last quarter due to increased competition and a slowdown in electric vehicle sales. Tesla delivered over 386,000 vehicles from January to March, a decline from the previous year. Analysts expected higher sales. Shipping delays and a reworked Model 3 contributed to the slowdown. Incentives and discounts were not enough to keep demand growing. Tesla made price cuts and announced a short-term discount on its popular Model Y, reducing profit margins.

Tesla expects lower growth in demand as it prepares to launch the more affordable Model 2

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Tesla sales drop as competition in the electric vehicle market heats upTesla accounted for 80% of electric vehicle sales in the U.S. in 2020, but that figure fell to 55% last year.
Source: CBSHealth - 🏆 480. / 51 Read more »

Apple could double down on China market, Wedbush says, as iPhone sales dropApple could double down on the China smartphone market amid declining iPhone sales and stiff competition in the country, Wedbush Securities said on Monday.
Source: CNBC - 🏆 12. / 72 Read more »