Tesla sales fall for second straight quarter despite price cuts, but decline not as bad as expected

Tesla's global sales fell for the second straight quarter despite price cuts and low-interest financing offers, another sign of weakening demand for the company's products and electric vehicles overall.Tesla's global sales fell for the second straight quarter despite price cuts and low-interest financing offers, another sign of weakening demand for the company's products and electric vehicles overall.

Demand for EVs worldwide is slowing, but they're still growing for most automakers. Tesla, with an aging model lineup and relatively high average selling prices, has struggled more than other manufacturers. Still it retained the title of the world's top-selling electric vehicle maker. Tesla's sales decline comes as competition is increasing from legacy and startup automakers, which are trying to nibble away at the company's market share. Most other automakers will report U.S. sales figures later Tuesday.

The sales decline came despite Tesla knocking $2,000 off the prices of three of its five models in the United States in April. The company cut the prices of the Model Y, Tesla's most popular model and the top-selling electric vehicle in the U.S., and also of the Models X and S. Also during the quarter, Tesla knocked roughly a third off the price of its "Full Self Driving" system - which can't drive itself and so drivers must remain alert and be ready to intervene - to $8,000 from $12,000, according to the company website.

Also, Tesla's aging model lineup doesn't look much different than it did years ago she said. And with price cuts, used Tesla prices tumbled. Anyone wanting a Tesla can get a far better deal buying a used one, Caldwell said.

Source: News Formal (newsformal.com)

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