Tesla Sales Tumble 13% In First Quarter As Elon Musk Backlash, Aging Models Turn Off Buyers
HuffPost
It also is a warning that the company’s first-quarter earnings report later this month could disappoint investors.
NEW YORK (AP) — Tesla sales fell 13% in the first three months of the year, another sign that Elon Musk’s once high-flying electric car company is struggling to attract buyers.
The double-digit drop is likely due to a combination of factors, including its aging lineup, competition from rivals and a backlash from Musk’s embrace of right wing politics. It also is a warning that the company’s first-quarter earnings report later this month could disappoint investors.
Tesla reported deliveries of 336,681 globally in the January to March quarter. The figure was down from sales of 387,000 in the same period a year ago. The decline came despite deep discounts, zero financing and other incentives.
Analysts polled by FactSet expected much higher deliveries of 408,000.
Dan Ives of Wedbush said in a note to clients that Tesla is seeing soft demand in the United States and China, as well as facing pressure in Europe.
