Tesla stock declines over 5% on sharp fall in Q1 sales, rival EV makers tumble
ALSO READ: World markets today: US stocks fall led by healthcare shares During the quarter, Tesla lost production time in Germany after a suspected arson attack cut its power supply. Deliveries of the Models 3 and Y, dropped 10.3 per cent year-on-year to 369,783. Sales of other models, the aging X and S and the new Cybertruck, rose almost 60 per cent to 17,027.
Tesla produced 10.7 per cent more vehicles than it sold during the first quarter. In January, the Ev maker had predicted “notably lower" sales growth this year. 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, it had said.
Last year, Tesla had cut US prices by up to USD 20,000 for some models. In March, it temporarily knocked USD 1,000 off the Model Y, its top-selling vehicle. Those price cuts narrowed the company's profit margins.
Tesla’s sales numbers also dragged down shares of its US EV rivals. Rivian shares fell over 5 per cent, while Lucid dropped 4.4 per cent. Milestone Alert!
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