{"id":1584,"date":"2024-04-04T09:14:28","date_gmt":"2024-04-04T09:14:28","guid":{"rendered":"https:\/\/dailywashingtoninsider.com\/index.php\/2024\/04\/04\/elon-musks-tesla-suffers-sales-slump-in-unmitigated-disaster-for-billionaire\/"},"modified":"2024-04-04T09:14:28","modified_gmt":"2024-04-04T09:14:28","slug":"elon-musks-tesla-suffers-sales-slump-in-unmitigated-disaster-for-billionaire","status":"publish","type":"post","link":"https:\/\/dailywashingtoninsider.com\/index.php\/2024\/04\/04\/elon-musks-tesla-suffers-sales-slump-in-unmitigated-disaster-for-billionaire\/","title":{"rendered":"Elon Musk\u2019s Tesla suffers sales slump in \u2018unmitigated disaster\u2019 for billionaire"},"content":{"rendered":"
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Tesla has reported a sharp fall in worldwide sales amid increased competition and slowing demand for electric vehicles.<\/p>\n

The carmaker said it delivered 386,810 vehicles during the first quarter of the year – down nearly 9% on the 423,000 it shipped from January to March last year.<\/p>\n

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It marks the first year-on-year quarterly sales decline for the company in nearly four years.<\/p>\n

Tesla<\/strong> said the fall was “partly” due to disruption to shipping in the Red Sea region<\/strong> and an arson attack at its gigafactory in Berlin.<\/p>\n

It also blamed the phasing in of an updated version of its Model 3 sedan at its factory in Fremont, California.<\/p>\n

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Tesla’s chief executive Elon Musk<\/strong> noted that rival electric carmaker BYD had also experienced a slump in sales.<\/p>\n

He wrote on X: “This was a tough quarter for everyone.”<\/p>\n

However, some commentators blamed the controversy surrounding Mr Musk, along with increased competition from rivals and declining “excitement” about electric vehicles generally.<\/p>\n

Wall Street tech analyst Dan Ives described the results as “an unmitigated disaster that is hard to explain away”.<\/p>\n

He said: “This was a train wreck into a brick wall quarter for Musk and co.”<\/p>\n

Mr Ives also warned Mr Musk needed to turn around the company’s fortunes. “Otherwise, some darker days could clearly be ahead that could disrupt the long-term Tesla narrative,” he added.<\/p>\n

It comes just days after market intelligence firm Caliber claimed Mr Musk’s right-wing political views and controversial public statements on X were putting off some customers from buying a Tesla.<\/p>\n

“It’s very likely that Musk himself is contributing to the reputational downfall,” Caliber chief executive Shahar Silbershatz said.<\/p>\n

Tesla did not respond to requests for comment about the claims.<\/p>\n

The company’s own reputation has also taken a battering in recent years following product recalls<\/strong>, lawsuits<\/strong> and safety concerns<\/strong>.<\/p>\n

However, as Mr Musk pointed out, Chinese rival BYD also reported a slump in sales. It sold just over 300,100 vehicles in the first three months of the year, a 43% decline from the previous record quarter when it overtook Tesla.<\/p>\n

Despite regaining the crown as the world’s biggest seller of electric vehicles, Tesla’s figures were below Wall Street estimates and caused its shares on the Nasdaq to fall almost 5% by the close on Tuesday.<\/p>\n

Nearly 96% of the vehicles sold by Tesla in the first quarter were Model 3s and Ys. Other vehicles recently launched by the company include its “futuristic” Cybertruck<\/strong>, which has divided opinion among car lovers.<\/p>\n

Tesla will post its full financial results for the first quarter on 23 April.<\/p>\n<\/p>\n

This post appeared first on sky.com<\/div>\n<\/div>\n

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