Tesla's Q1 US Sales Mainly Held Back By Very Model That Saved It From Bankruptcy Years Ago
Portfolio Pulse from Anan Ashraf
Tesla's Q1 U.S. sales were primarily affected by lower sales of its older models, despite a rise in Model Y sales. Overall, Tesla's U.S. sales dropped 13.3% year-on-year to 140,187 vehicles. The decline in Tesla's sales contributed to the first quarter-over-quarter downturn in U.S. EV sales since Q2 2020, despite a 2.6% year-on-year increase in EV sales across brands. Other brands like BMW, Cadillac, Ford, Hyundai, Kia, Lexus, Mercedes, Rivian, and Vinfast saw significant EV sales growth. Cox Automotive forecasts a rise in U.S. EV sales for 2024.
April 15, 2024 | 8:41 am
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Tesla's Q1 U.S. sales were impacted by lower sales of older models, despite a rise in Model Y sales, leading to a 13.3% year-on-year drop in overall U.S. sales to 140,187 vehicles.
The decline in sales of Tesla's older models, despite the increase in Model Y sales, indicates a potential short-term negative impact on TSLA's stock price. The overall drop in U.S. sales and the contribution to the downturn in the U.S. EV market could be viewed unfavorably by investors, potentially leading to a decrease in stock price in the short term.
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