Tesla released Q1 earnings that missed Wall Street consensus. Revenue was notable in that it missed consensus by nearly $1 billion. CEO Elon Musk is dealing with downturn in customer demand. Free cash flow improved markedly from a year ago. As soon as the closing bell rang on Tuesday, Tesla was out with its first-quarter results. They were nearly as bad as expected, but the TSLA share price disregarded the miss, rising more than 5%. After dropping 3.
Other vehicles called plug-in hybrid electric vehicles utilize both battery electric power and ICEs as a backup. What is the market share held by EVs? EVs are growing from a small base, but they rose from 9% of global new auto sales in 2021 to 14% of the total in 2022. This was a 65% YoY growth rate, and the industry delivered 10.2 million EVs worldwide in 2022. Projections show this number climbing above 16 million in 2023. Across the world, market shares differ greatly among nations.
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