Tesla's EV shipments fell for the second consecutive quarter
According to preliminary estimates, Tesla delivered 438,019 electric vehicles in the second quarter of 2024, down 3.7% compared to the same period last year. Tesla's electric vehicle sales fell for the second consecutive quarter. Analysts attribute this to stiff competition from Chinese automakers and sluggish demand due to slow lineup updates. Official results for the second quarter will be released on July 2.
Image courtesy of The Verge
After years of rapid growth, Tesla is facing declining demand for its electric vehicles, which has made the company the most valuable automaker in the world. In January, Tesla warned that supply growth would "significantly decline" in 2024 as months of price declines waned. Some analysts expect the company to report an annual decline in sales for the first time this year. Between January and March, shipments fell by the most in nearly four years and fell short of Wall Street expectations.
Image Credit: Reuters Images
Barclays, an analytics firm, predicts that Tesla's shipments will fall 11% in the second quarter, the largest decline in Tesla's history. Tesla's share price has fallen by a quarter this year, making the company one of the worst-performing companies in the S&P 500, despite Musk's April prediction of higher sales this year. He continued to implement cost-cutting policies, including mass layoffs, which even affected the Tesla team, which was developing charging stations.
Tesla's sales in Europe were particularly weak, falling 36% in May due to reduced EV subsidies and weak demand from fleet operators, which accounted for nearly half of Tesla's sales in the region last year. In May, Reuters reported that Tesla was "trying to placate" some European leasing companies as repeated retail price cuts reduced the cost of their fleets, and slow maintenance and expensive repairs alienated their corporate customers.
At the end of last year, Tesla underwent a facelift of the Model 3 sedan. The best-selling Model Y SUV, Model S premium sedan, and Model X SUV haven't received major updates in years. The company started supplying the Cybertruck pickup truck at the end of last year, but its mass production has not yet been commissioned, in addition, there are quality problems with electric vehicles. In addition to these problems, consumers are switching to cheaper hybrid vehicles.
Chinese competitors have already released some low-cost EVs, while Tesla has been slow to bring new developments to market. In April, Musk promised that Tesla would launch a new affordable model later this year, but did not provide any details. Note that Tesla's previously advertised goal of delivering 20 million vehicles annually by 2030 was not mentioned for the first time in its May report, a significant change in the company's rhetoric after predicting a 50% year-over-year increase in EV shipments.
Earlier this year, Tesla CEO Elon Musk shelved plans for a new, cheaper electric car and directed Tesla's resources to developing robotaxis, a move that left some investors worried that self-driving technology would be difficult to perfect. Still, at last month's annual shareholder meeting, investors voted overwhelmingly in favor of his record $56 billion compensation package.
Tesla plans to launch a robotaxi on August 8, betting on the rollout of its "Full Self-Driving" software. However, it is not yet known when production will begin and how much will be produced. #汽车##电动汽车##新能源汽车##新能源##新能源汽车##杰出新能源 of course choose Kaizen##新能源安心之选##头条真知汽车季#
