Tesla’s share price fell sharply after the release of the latest data on electric car deliveries

Tesla’s share price fell sharply after the release of the latest data on electric car deliveries
Tesla’s share price fell sharply after the release of the latest data on electric car deliveries
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Tesla’s stock price fell as much as 7% during Tuesday’s trading session on the New York Stock Exchange after the release of data on electric car deliveries that were weaker than analysts’ estimates, Markets Insider reports.

Elon Musk at the inauguration of Gigafactory Berlin in 2022Photo: Action Press / Shutterstock Editorial / Profimedia

Tesla delivered 386,810 electric cars in the first quarter of this year, significantly below Wall Street estimates of about 449,000, according to Bloomberg data.

The decline also marks the first quarterly decline in sales since the start of the COVID-19 pandemic in 2020. Results for the first quarter of 2024 show a 9% drop in shipments compared to the same period last year and a 20% decline from the quarter 4 of 2023, when Tesla was overtaken by China’s BYD for the first time in terms of deliveries of electric cars.

Some analysts had already revised down their expectations for Tesla’s deliveries, given weak demand in China, problems at its German factory and soaring demand for one of the Elon Musk-led automaker’s biggest competitors: hybrid cars.

“Let’s face it: We expected a bad Q1, but this is a disastrous Q1 that’s hard to explain,” Wedbush analyst Dan Ives noted in a report on Tuesday.

“We see this as a pivotal point in Tesla’s story for Musk to turn things around and reverse the bruised eye of the Q1 result,” he added, adding that otherwise the automaker could face a turbulent future .

The article is in Romanian

Tags: Teslas share price fell sharply release latest data electric car deliveries

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