Tesla Q1 sales plummet by nearly 9% amid increased competition

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Last quarter, Tesla experienced a significant decline in sales due to increased competition globally, slower growth in electric vehicle sales, and unsuccessful price reductions to attract more buyers.

The Austin, Texas-based company reported delivering 386,810 vehicles from January through March, nearly 9% lower than the 423,000 sold in the same quarter last year. Additionally, sales did not meet Wall Street’s projections, as analysts anticipated Tesla Inc. to deliver 457,000 vehicles according to FactSet.

 

The slowdown in sales will pose a challenge for the company to achieve the annual growth rate of 50% per year, a prediction consistently made by CEO Elon Musk in previous years.



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