Tesla's latest report shows a significant 13% drop in deliveries of electric vehicles in Q1, leading to the largest quarterly decline in the company's history. This downturn, attributed to intense market competition and CEO Elon Musk’s controversial political stance, has resulted in a further decline in Tesla's stock price. Analysts had anticipated a dip, but the scale of the decline shocked the market. Concerns surrounding Musk's brand image due to his political activities and lack of vehicle lineup refreshes are seen as key factors impacting consumer loyalty and market performance.
Global deliveries of Tesla's flagship electric car models fell sharply in the first quarter down 13% compared to last year, reflecting increasing competition and market share loss.
The results announced by Tesla highlighted the biggest-ever quarterly decline in sales, delivering 336,681 vehicles in the first three months, down from 386,810 last year.
Analysts’ expectations were not only met but exceeded in negativity, with claims of Musk's self-inflicted brand issues impacting consumer perception and delivery expectations.
Daniel Ives stated that unless Musk alters the current trajectory of Tesla, 'there are dark days ahead for Tesla,' inferring a serious risk to the company’s future.
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