FILE - Unsold 2023 Model X sports-utility vehicles sit at a Tesla dealership, June 18, 2023, in Littleton, Colo. Tesla, the top selling electric vehicle maker in the world, is expected to report a second straight quarter of declining deliveries on Tuesday, July 2, 2024.– 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.
The company gave no explanation for the sales decline, which is a harbinger of what to expect when Tesla posts second-quarter earnings on July 23. The April cuts reduced the starting price for a Model Y to $42,990 and to $72,990 for a Model S and $77,990 for a Model X. Last week, Tesla lopped $2,340 off the $38,990 base price of some newly revamped Model 3s that were in the inventory shipped to its stores.
Jessica Caldwell, head of insights for Edmunds.com, said Tesla is having trouble in a market where most early adopters already have EVs, and mainstream buyers are more skeptical that electric cars can meet their needs. “They’re more pragmatic. They want to know where am I charging? What will this cost me?” she said.