Tesla experienced a significant decline in sales during the last quarter, attributed to intensified competition globally, a slowdown in the growth of electric vehicle sales, and ineffective price reductions in attracting more buyers.
The Austin-based company reported delivering 386,810 vehicles from January to March, marking a nearly 9% drop compared to the 423,000 units sold in the corresponding quarter of the previous year.
Moreover, Tesla’s sales figures fell short of Wall Street forecasts, with analysts surveyed by FactSet anticipating deliveries of 457,000 vehicles.
This downturn in sales poses challenges for Tesla in achieving the annual growth rate of 50% per year, a target often projected by CEO Elon Musk.
