Price cuts can’t save Tesla from worldwide sales drop
Electric vehicle (EV) giant Tesla has stemmed the flow but not completely stopped its slowing sales, posting another year-on-year loss in 2024.
This morning, Tesla announced it had delivered 443,956 EVs to its global customers throughout the second quarter of 2024 (April to June), after producing 410,831 vehicles across the same period.
Compared to the second quarter of 2023 its deliveries have dropped by 4.8 per cent, a rarity for the company.
However, it’s the second three-month period this year Tesla has experienced a year-on-year decrease.
In the first quarter, Tesla only delivered 386,810 vehicles globally – an 8.5 per cent drop on the year before, its lowest quarterly figure since Q3 2022, and the first time it experienced a year-on-year quarterly slump since 2020.
This means through the opening six months of the year, Tesla’s 830,766 deliveries are down 6.6 per cent on the 889,015 global handovers it made in the first half of 2023.
Despite this, Reuters reports Tesla’s second quarter sales were above expert estimates, resulting in the EV giant’s shares rising to their highest level in almost six months following its announcement.
Tesla has been handing down aggressive price cuts in almost every market in recent months, resulting in the Australian price of entry to its best-selling Model Y SUV and Model 3 sedan falling by $9500 and $7000 respectively since March.
In Australia, Tesla sold 23,116 between January and June, representing a 9.6 per cent drop compared to the first half of 2023.
While Tesla was able to recover from a slow January and February – where deliveries to Australia were delayed due to a quarantine issue – its June figure of 4683 cars delivered was one-third less than the same month last year, despite the aforementioned price cuts.
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- https://www.msn.com/en-au/money/news/price-cuts-can-t-save-tesla-from-worldwide-sales-drop/ar-BB1piWHj?ocid=00000000
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