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Tesla disappointed in the quarterly balance and its shares fall sharply

Tesla disappointed in the quarterly balance and its shares fall sharply

Tesla shares fell 5.7% in early trading, adding to the loss of almost 30% of their value so far this year.

Tesla disappointed in the quarterly balance and its shares fall sharply

Reuters

Tesla reported a quarterly drop in deliveries for the first time in almost four years and did not meet the estimates of Wall Street. Tesla shares fell 5.7% in early trading, adding to the loss of almost 30% of its value so far this year.

This is a sign that the effects of its price cuts are waning, in a context of growing competition from other electric vehicle manufacturers and lower demand. The automaker delivered some 386,810 vehicles in the three months to March 31, 20.2% less than in the previous quarter.

On average, Wall Street expected Tesla to deliver 454,200 vehicles, according to 18 analysts surveyed by Visible Alpha. The electric car maker’s deliveries fell 8.5% from a year ago.

The last time I had reported a drop in sales was in the second quarter of 2020when the Covid-19 pandemic forced the automaker to halt production.

The company said the drop in volumes was partly due to its efforts to prepare the Fremont factory in California to increase Model 3 production. updated and shutdowns at its Berlin plant as a result of shipping diversions caused by the Red Sea conflict.

Source: Ambito

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