Monday, May 27, 2024
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With the Fewest Deliveries Since 2022, Tesla is a “Disaster”

In the first three months of the year, Elon Musk’s Tesla saw a dramatic decline in Fewest deliveries as the electric vehicle manufacturer dealt with a fire at its European plant, disruptions to global shipping, and other issues.

Less than 387,000 electric cars were delivered to customers by the corporation, which is the lowest quarterly total in more than a year. That was far less than analysts had predicted and down more than 8% year over year.

The announcement caused shares to drop more than 4%. Dan Ives, an analyst at Wedbush Securities, called the update an “unmitigated disaster… that is hard to explain away”.

Tesla’s problems worsened in the first three months of this year. Houthi attacks in the Red Sea caused supply disruptions which temporarily shut its factory in Germany which was later hit by an alleged arson attack. Mr Ives said the figures suggested the first quarter had been a “train wreck into a brick wall” for the company, raising the pressure on Mr Musk.

Over the past year, Tesla’s shares have already decreased, indicating difficulties as competitors increase their electric vehicle offerings and increased borrowing rates, which make the company’s cars less accessible.

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