Tesla vehicle sales decline as EV interest cools

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Tesla's performance is a close barometer for EVs in general.

A Tesla Model 3 on display during the Everything Electric London 2024 at ExCel on March 28 in London. Photo by John Keeble/Getty Imagesdeclined in the first quarter at a much faster pace than anticipated, as the automaker grapples with logistical challenges andThe automaker delivered 386,810 vehicles worldwide in the first quarter, down 8.5% from the same period a year earlier.Deliveries are a close approximation of sales.

CEO Elon Musk's company blamed the sales drop "partially due to the early phase of the production ramp of the updated Model 3 at our Fremont factory and factory shutdowns resulting from shipping diversions caused by the Red Sea conflict and an arson attack at Gigafactory Berlin.""Let's call this as it is: While we were anticipating a bad 1Q, this was an unmitigated disaster 1Q that is hard to explain away," Wedbush Securities analyst Dan Ives wrote today.

The company is facing "very soft" demand in China, while it also has little growth prospects on the horizon as the next-gen Model 2 vehicle won't arrive until at least 2025.Automakers — ranging from established giants to startups — are dealing with what Barclays analyst Dan Levy recently called a transition from "EV euphoria to EV winter."Editor's note: This report was updated with additional details throughout.

 

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