Tesla sales have fallen by 8.5% in the first quarter of 2024, and this has been reflected in the stock market, where it has fallen by 6%.
In the world of the automobile industry, Tesla, the American electric vehicle manufacturer, has been the subject of attention and controversy on several occasions. And always following the statements of Elon Musk, CEO of the company.
Recently, Tesla shares have experienced a notable 6% drop on Wall Street, falling to $165.5 per share (equivalent to €153.7). This drop was a direct response to the financial results for the first quarter of 2024, which showed lower vehicle sales.
Tesla sales fall in 2024
During this first period of 2024, Tesla has sold a total of 386,810 vehicles, a significant figure but considerably lower than analysts' previous estimates, which pointed to 449,080 units.
This discrepancy between expectations and actual results is what has raised concerns about consumer demand and Tesla's ability to maintain its position in the global electric vehicle market.
Tesla CEO Elon Musk had previously mentioned that car sales were affected by the winter season, offering an incentive of 1,000 euros to mitigate the impact. However, it appears that this has not been enough to offset the challenges presented by high interest rates and other market factors.
In addition to sales-related issues, Tesla has faced other production-related obstacles during the first quarter of 2024. It experienced manufacturing delays due to temporary closures at several of its facilities, including the Berlin gigafactory. , as a result of conflicts in the Red Sea and an arson attack on the electricity supply.
These setbacks have not only impacted the sales of its vehicles, but have also affected the profitability and perception of the company in the financial market. In short, the drop in sales has been a direct reflection of all these concerns.
Tesla can still come back despite the challenges
Despite these difficulties, Tesla managed to maintain its position as the leading seller of electric vehicles in the world, surpassing its Chinese competitor BYD, which sold 300,114 vehicles, that is, 140,694 less than Tesla.
And months ago there was talk that BYD had briefly taken that title from Tesla at the end of 2023, but the truth is that the American company has managed to recover despite the difficulties experienced in recent months.
Some financial analysts have pointed out that Tesla's poor performance in the first quarter of 2024 could be attributed, in part, to having had a spectacular year in 2023 and now, having “returned to reality.”
However, they have also highlighted the ongoing challenges we mentioned that the company has had to face, including growing competition from Chinese manufacturers and its internal production problems.
This has forced Tesla to lower the prices of its models, in such a way that it has had to face additional pressure in terms of its economic profitability, something that has also played a trick on it.
Price increase expected
Given this, it is true that the firm has recently announced that it will increase the price of its Model Y by 2,000 euros in several European countries, although it has not yet announced in which countries such a solution will be applied.
The drop in the value of Tesla shares is a direct reflection of these concerns, which has led to a 5.14% decrease in the Nasdaq (stock market index), taking the price per share to 160 euros.
Despite these challenges, analysts still see growth potential for Tesla heading into the coming quarters. The company is expected to continue expanding its network of charging stations and diversifying its services, which could help offset pressures on its automotive operations.