Tesla’s deliveries fall to record low
The company delivered 63,000 vehicles in the three months to March, from 90,966 in the fourth quarter
San Francisco — Tesla reported a record decline in deliveries in the first quarter, falling short of analysts’ estimates and stoking fears that demand is slackening for the mainstream electric vehicle it introduced less than two years ago. The company delivered 63,000 vehicles in the three months that ended in March, according to a statement on Wednesday, down from 90,966 in the fourth quarter. In the US, where Tesla introduced the Model 3 sedan in 2017, tax incentives for its vehicles shrank. In Europe and China, the company struggled to quickly get the cars to consumers. The 50,900 Model 3 sedans Tesla delivered in the first quarter missed analysts’ average estimate for 51,750 and was lower than the totals in each of the two previous quarters. The shortfall is a setback for CEO Elon Musk’s plan to accelerate sales with lower prices and global deliveries. “It’s a disappointment. There’s no way around that,” said Gene Munster, a managing partner of venture capital firm Loup Ventures...
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