Tesla posted its first annual drop in sales since the first year of the pandemic, as increased electric vehicle competition from Chinese and Western automakers ate into demand.
CEO Elon Musk’s electric car company reported it built 433,000 vehicles but delivered only 387,000. That’s down from the 484,507 cars it delivered in the final three months of 2023, and it’s also down from the 422,875 vehicle sales in the first quarter of last year.
Tesla has responded to increased competition by cutting prices. Although Tesla is more profitable than traditional automakers, the price cuts have been squeezing the profit margins that helped boost the stock. Investors’ expectations that the company would grow sales in the future had also been supporting Tesla’s lofty stock price, which made it the world’s most valuable automaker.
Also teslas are kinda shitty to drive. Like, having road tripped and used one for a daily driver for around 2 months on a business trip…
It was just annoying, toss in the overly engineered everything breaking and costing an arm and a leg to replace…I feel sorry for people that bought the hype.
Volvo and Hyundai are both much better options.