Tesla's Global Deliveries Fall 13%

Tesla's Global Deliveries Fall 13%

Tesla’s global vehicle deliveries fell 13% in the first quarter, further evidence that a growing consumer backlash against the brand and Chief Executive Elon Musk is hurting the automaker’s business.

 

The company said Wednesday that it delivered 336,681 vehicles in the first three months of the year, its worst showing since the second quarter of 2022. Analysts on average were expecting the company to sell more than 390,000 cars and trucks, according to estimates compiled by Bloomberg.

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“Tesla shares fell about 2% in morning trading Wednesday following the release of the January-to-March figures, continuing a selloff that has seen shares fall by as much as 45% since the start of the year,” reports the Wall Street Journal.

 

“Recent surveys have shown an erosion in the brand’s appeal, especially among Democrats in the U.S. Some Wall Street analysts have downgraded Tesla shares based in part on the growing animosity for the brand,” added WSJ.