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Tesla Reports First Year-Over-Year Sales Drop Since Pandemic

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Tesla,Sales Drop,COVID-19 Pandemic

Tesla Inc. announced its first year-over-year sales drop since the early days of the COVID-19 pandemic, with deliveries falling short of analysts' estimates. The company handed over 386,810 vehicles in the first quarter of 2024, significantly below the average estimate of 449,080. Tesla's stock fell 5.5% in response to the news. The decline in volume was attributed to the early production ramp of the updated Model 3, shipping diversions caused by the Red Sea conflict, and an arson attack at the Berlin factory. The main concern now is consumer demand.

Tesla Inc. suffered its first year-over-year sales drop since the early days of the COVID-19 pandemic. The electric carmaker handed over 386,810 vehicles in the first three months of 2024, the company said in a statement Tuesday. That fell so far short of analysts’ average estimate for 449,080 deliveries that it was its biggest miss ever. Shares of Tesla fell 5.5% to $165.54 as of 9:33 a.m. (Eastern) in New York. The stock is down about 33% this year.

Wall Street had rapidly lowered projections for the Austin-based company’s deliveries as the first quarter came to a close, including some analysts who correctly predicted that the tally would come in below the 422,875 delivered a year ago. Tesla pointed to the early production ramp of its updated Model 3 as a factor for the volume decline. It also cited “shipping diversions caused by the Red Sea conflict” and an arson attack at its Berlin factory. The bigger worry was consumer deman

Source: News Formal (newsformal.com)

Tesla Sales Drop COVID-19 Pandemic Electric Carmaker Deliveries Analysts Stock Model 3 Red Sea Conflict Berlin Factory Consumer Demand

 

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