Tesla delivered 386,810 vehicles in Q1 2024, 8.5% less than Q1 2023 and below analyst predictions. Both Tesla and BYD saw significant declines compared to Q4 2023, suggesting a potential slowdown in the EV market. Elon Musk suggests Tesla might be entering a period of slower growth, potentially lasting throughout 2024. Tesla says that it delivered just 386,810 vehicles during the first quarter of 2024, which is 8.5 percent less than it did in Q1 2023.
More: Elon Musk’s Behavior Is Driving Away Customers The Chinese automaker made waves when it became the leader in EV sales during Q4 2023. Now, it's experienced a drop-off of 43 percent compared to Q4 2023. That indicates a decrease in demand across the market and the world. While BYD didn't specify exactly why it saw a quarter-over-quarter nosedive, Tesla provided a few explanations for its own decline.
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Tesla 1Q sales fall nearly 9% as competition heats up and demand for electric vehicles slowsTesla sales fell sharply last quarter as competition increased worldwide, electric vehicle sales growth slowed, and price cuts failed to draw more buyers. The Austin, Texas, company said it delivered 386,810 vehicles from January through March, almost 9% below the 423,000 it sold in the same quarter of last year.
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Tesla Sales Fall as Competition Increases and EV Demand SlowsTesla sales fell sharply last quarter as competition increased worldwide, electric vehicle sales growth slowed, and price cuts failed to draw more buyers.
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Tesla Sales Fall as Competition Increases and EV Demand SlowsTesla sales fell sharply last quarter as competition increased worldwide, electric vehicle sales growth slowed, and price cuts failed to draw more buyers. The company delivered 386,810 vehicles, almost 9% below the same quarter of last year and well below Wall Street expectations. The decline was attributed to various factors including the introduction of an updated Model 3, plant shutdowns, and an arson attack.
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