Tesla's electric car sales declined by 13% in the last quarter, signaling that ongoing boycotts over CEO Elon Musk's political affiliations negatively impacted the company's appeal. With sales dropping to 384,122 units from 443,956 the previous year, rivals have begun to capture market share. Despite some positive indicators like sales of Models 3 and Y exceeding expectations, the overall sales report signals challenges ahead for Tesla, especially as it looks towards introducing a new affordable model to boost figures.
Sales of Tesla electric cars fell sharply in the last three months as boycotts over Elon Musk's political views continue to keep buyers away, a significant development given expectations that anger with the company's billionaire CEO would have faded by now.
The company reported a 13% plunge in sales on Wednesday in a sign that Musk's embrace of U.S. President Donald Trump and far-right politicians in Europe has had a deep and enduring impact on Tesla's brand appeal.
Sales fell to 384,122 in April through June, down from 443,956 in the same three months last year, indicating that rival electric-vehicle makers have started to steal market share.
Some parts of the report were encouraging. Sales of the Models 3 and Y totaled 373,728, above the estimate of 356,000 from Wall Street analysts, suggesting mixed results for Tesla's performance.
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