Elon Musk’s auto giant reported 386,810 global deliveries over the period, down 8.5 per cent, reflecting in part a weak sales market in China, where it faces heavy competition from local electric vehicle makers. — Reuters picNEW YORK, April 2 — Tesla reported sharply lower first-quarter auto sales on Tuesday amid an underwhelming demand outlook for electric vehicles, while legacy players including Toyota rode improved US inventories to higher sales.
Among other automakers, General Motors reported a slight dip in sales — while Toyota enjoyed a surge compared with a year-ago period, when it was constrained by severe inventory issues due to Covid-19 supply chain problems.Analysts have been expecting about a 6 per cent rise in overall sales in the quarter, reflecting a still strong US labour market and an improved supply picture that has eased pricing pressures.
At the same time, an increase in EVs in other markets including the United States has led Tesla to enact price cuts, dimming the company’s profit outlook. While overall EV sales fell compared with the year-ago period, GM described its ramp-up as “on track,” with deliveries of its Equinox EV beginning to ship to dealers in the first half of 2024.
Similarly, Honda, which also experienced vehicle shortages in the 2023 period, won a 17.3 per cent increase in US quarterly sales to 333,824.
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