Tesla sales tumble nearly 9%, most in 4 years, as competition heats up and demand for EVs slows

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Tesla sales fell sharply last quarter as competition increased worldwide.

Tesla sales fell sharply last quarter as competition increased worldwide, electric vehicle sales growth slowed, and price cuts failed to draw more buyers.sales fell sharply last quarter as competition increased worldwide, electric vehicle sales growth slowed, and price cuts failed to lure more buyers.

The company blamed the decline in part on phasing in an updated version of the Model 3 sedan at its Fremont, California, factory, plant shutdowns due to shipping diversions in the Red Sea, and an arson attack that knocked out power to its German factory. In its letter to investors in January, Tesla predicted “notably lower” sales growth this year. The letter said Tesla is between two big growth waves, one from global expansion of the Models 3 and Y, and a second coming from the Model 2, a new, smaller and less expensive vehicle with an unknown release date.

Ives maintained his Outperform rating on Tesla's shares and cut his one-year price target from $315 to $300. Ives estimated that China sales slid 3% to 4% during the period.Shares of Tesla tumbled 5.6% in Tuesday afternoon trading to $165.45, continuing an extended decline. Investors have shaved more than 30% off the value of the company so far this year, dumping shares after growing leery of the tremendous growth story that Tesla has been telling.

Analysts polled by FactSet expected the average selling price for Model Y to be $41,000 last quarter, $5,000 less than a year ago and $15,000 lower than the peak of $56,000 in June of 2022.

 

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