Tesla deliveries expected to slump on China competition, weak demand

Electric vehicle maker Tesla is expected to release first-quarter delivery figures next week that show a sales slowdown amid increasing competition in the EV market and a waning boost from price cuts. The world's most valuable automaker has seen years of rapid sales growth but is bracing for a slowdown in 2024. Tesla is projected to deliver 458,500 vehicles in the quarter ending March 31, according to analysts polled by Visible Alpha.

Musk has said the price cuts are needed to maintain demand for Tesla's vehicles and to keep its production facilities humming, and he has blamed winter and high borrowing costs for the slowdown in demand. The company temporarily cut prices for its Model Y rear-wheel drive and long-range variants by $1,000 each in February, though those cuts ended at the beginning of March.

Tesla is currently offering $7,680 discounts on some of the new Model Y vehicles for U.S. customers. The discounts have frustrated some Tesla customers who have seen the value of their vehicles decline due to the price cuts. "Teslas have the dubious honor of being the fastest-depreciating vehicles in the U.S.," HSBC said in a report last week.

Source: Entertainment Trends (entertainmenttrends.net)

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