{"id":16871,"date":"2024-04-03T07:06:59","date_gmt":"2024-04-03T07:06:59","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/04\/03\/elon-musks-tesla-suffers-sales-slump-in-unmitigated-disaster-for-billionaire\/"},"modified":"2024-04-03T07:06:59","modified_gmt":"2024-04-03T07:06:59","slug":"elon-musks-tesla-suffers-sales-slump-in-unmitigated-disaster-for-billionaire","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/04\/03\/elon-musks-tesla-suffers-sales-slump-in-unmitigated-disaster-for-billionaire\/","title":{"rendered":"Elon Musk’s Tesla suffers sales slump in ‘unmitigated disaster’ for billionaire"},"content":{"rendered":"
\"Elon<\/div>


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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

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

Tesla<\/a><\/strong> said the decline was “partly” due to disruption to shipping in the Red Sea region<\/a><\/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

Tesla’s chief executive Elon Musk<\/a><\/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

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\n The Model Y is one of Tesla’s most popular cars. Pic: Reuters
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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

Read more from business:
‘Misleading’ Nationwide ads banned<\/a><\/strong>
World’s wealthiest people revealed<\/strong><\/a>
Advisers to decide fate of Telegraph<\/a><\/strong><\/p>\n

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

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Tesla car ‘spontaneously’ catches fire<\/span>
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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<\/a><\/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><\/div>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Tesla has reported a sharp fall in worldwide sales amid increased competition and slowing demand for electric vehicles. 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. It marks the first year-on-year quarterly sales decline […]<\/p>\n","protected":false},"author":2,"featured_media":16872,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","fifu_image_url":"https:\/\/e3.365dm.com\/24\/04\/768x432\/skynews-tesla-model-y_6508755.jpg?20240403073647","fifu_image_alt":"","footnotes":""},"categories":[607],"tags":[21816,15695,2534,2535,2022,8188,20841,3489,22395],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/16871"}],"collection":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/comments?post=16871"}],"version-history":[{"count":1,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/16871\/revisions"}],"predecessor-version":[{"id":16873,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/16871\/revisions\/16873"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media\/16872"}],"wp:attachment":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media?parent=16871"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/categories?post=16871"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/tags?post=16871"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}