Tesla reports the worst quarter in three years - electric vehicle deliveries plummet
The company believes that eco-activists and Red Sea pirates are to blame for the situation
On 2 April, Tesla reported in its first-quarter financial report that it had delivered 386,810 vehicles during this time, down 20% from the 484,507 electric cars shipped in the previous quarter, techcrunch.com informs.
For the first time in the last three years, the quarterly result was worse compared to the same quarter of the previous year. Car production also declined year-on-year.
As a result, the company's shares fell by more than 6% in early trading today.
Two months ago, Tesla warned of a "marked decline" in sales in 2024 compared to 2023, which was very successful, not least due to the constant price cuts.
In January, the company said it was "between two major growth waves" as it tried to increase production of its futuristic Cybertruck pickup truck.
A cheaper electric car is also in the works, although the company has changed its plans, announcing the development of a new manufacturing process to reduce costs.
At the end of the quarter, Tesla made a major effort to boost sales, including offering every customer a one-month free trial of its advanced Full Self-Driving driver assistance software. During March, the company also repeatedly announced future price increases.
The measures taken failed to have a significant impact on sales, making this quarter the most disappointing for Tesla shareholders in several years. The company attributed the disappointing result to damage to power lines at its factory in Germany caused by environmental activists and logistical problems due to pirate attacks on ships in the Red Sea.
Background. Meanwhile, it became known that Xiaomi's capitalisation increased by $7.6 billion after the presentation of its first electric car. The company's shares rose by 16%.
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