Helena Lyng Blak
27 weeks ago

Tesla Sales Drop the Most in 4 Years

Stocks follow suit and slide.
Elon Musk businessman silhouette on Tesla presentation
kovop / Shutterstock.com

On Tuesday, April 2, Tesla announced that its sales had tumbled nearly 9% – the most in four years, according to Le Monde with AP.

The automotive company said it had delivered almost 387,000 vehicles worldwide in the first quarter of 2024, from January to March.

Comparatively, Tesla sold roughly 423,000 vehicles in the same period last year.

The company’s shares closed down 4.9% on Tuesday and have declined 32.92% year-to-date.

There is no real consensus as to why Tesla has seen a decrease in sales. According to Le Monde, the company blamed Houthi attacks in the Red Sea, which caused shipping diversions, as well as various plant shutdowns.

BBC, however, claims that some investors of the company are voicing concerns over its lineup, saying that it has “grown tired”, as well as CEO Elon Musk’s focus—or lack thereof.

Since Musk acquired X, formerly Twitter, in 2022, much of his time has supposedly been dedicated to the social media site. Recently, Musk established the artificial intelligence company xAI and announced the AI chatbot Grok, which is integrated with X.

Musk is also the CEO, CTO, and Chair of the spacecraft manufacturer SpaceX.

Tesla, Inc., was founded in 2003 by a group of engineers including Martin Eberhard and Marc Tarpenning. In 2004, Elon Musk became a major funder, contributing over $30 million to the company and eventually assuming leadership as CEO.

The company's first vehicle, the Tesla Roadster, introduced in 2008, broke the stereotype of electric vehicles as sluggish and unexciting, boasting impressive acceleration and a range that surpassed other electric cars of its time.

Disclaimer

The information provided by this Site is for general informational purposes only. All information on the Site is provided in good faith, however we make no representation or warranty of any kind, express or implied, regarding the accuracy, adequacy, validity, reliability, availability or completeness of any information on the Site.

More News

16 weeks ago Analysis: New Debate Rules Favor Biden New rules announced for the June 27th debate between Joe Biden and Donald Trump serves the President well.
16 weeks ago StanChart Becomes Among the First Global Banks to Launch Spot Crypto Trading StanChart breaks new ground by launching spot trading for Bitcoin and Ether, leading the charge among global banks in the cryptocurrency space.
16 weeks ago Crypto, Currently: June 21, 2024 - Market Bears Down on Major Cryptos Daily update on the five cryptocurrencies, we consider the most interesting right now.
16 weeks ago FX Daily: June 21, 2024 – Forex Market Update Daily update from the foreign exchange markets.
16 weeks ago Amazon Plans To Make Largest Reduction of Plastic Packaging in North America To Date Amazon's response to mounting criticism over its plastic waste with a new reduction plan.
16 weeks ago Ex-OpenAI Chief Scientist Ilya Sutskever Launches New Company Amid Criticism of ChatGPT Parent's Board Appointments Ilya Sutskever, former chief scientist at OpenAI, has co-founded a new company, Safe Superintelligence Inc., amidst ongoing scrutiny of OpenAI’s recent board appointments.
16 weeks ago FX Daily: June 20, 2024 - Mixed Movements in Global Currency Markets Daily update from the foreign exchange markets.