Tesla vehicles are stored at a shopping mall parking lot near a closed movie theater Friday, June 21, 2024, in Scottsdale, Ariz. Tesla's global sales fell for the second straight quarter despite price cuts and low-interest financing offers, another sign of weaking demand for the company's products and electric vehicles overall.
For the first half of the year, Tesla sold more than 910,000 vehicles worldwide, handily beating China's BYD, which sold 726,153. Nearly all of Tesla’s sales came from the smaller and less-expensive Models 3 and Y, with the company selling only 21,551 of its more expensive models that include X and S, as well as the new Cybertruck.
In addition, Tesla in May offered 0.99% financing for up to six years on the Model Y. In June, it offered interest as low as 1.99% for three years on the rear-wheel-drive Model 3. Typical new-vehicle interest rates average just over 7%, according to Edmunds.com. Tesla also has a set of unique problems, mainly a model lineup that doesn’t look much different than it did years ago. With Tesla’s price cuts, used vehicle prices tumbled. Anyone wanting a Tesla can get a far better deal buying a used one, Caldwell said. “If you’re looking at monthly payments, it’s hard to compete against,” she said.