Motorists recharge their Tesla vehicles at a Tesla supercharging location, Jan. 16, 2024, in northeast Denver. The electric vehicle maker posted its first annual drop in sales since the pandemic Tuesday, showing a significant decrease in delivered vehicles.
This marks a stiff decline from 2023 when the company delivered 422,875 vehicles in the first quarter and 484,507 in the fourth quarter.Automakers in both the U.S. and China have risen to challenge Tesla for the top spot in the industry. Last year, Chinese automaker BYD dethroned Tesla as the top-selling EV automaker.
Tesla responded to the uptick in competition by slashing prices. The company cut the prices of its Model Y vehicles by thousands of dollars in 2023 to cut back on inventory and bump up sales numbers. While sales did increase, profit margins have predictably been smaller. The company’s slow sales number reflects the predictions of many experts who say that, while demand for EVs is still strong, it has weakened since 2023.
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Source: cleantechnica - 🏆 565. / 51 Read more »