INVC NEWS
New York : The Tesla Inc. Moving towards a depressing point. Because declining demand for electric vehicles and rising interest rates have affected the sales of automakers. This has been revealed in a media report. The electric carmaker, led by Elon Musk, delivered 449,080 electric vehicles in the last quarter ending March 2024, the report said. Which represents a seven percent decline from the company’s sales recorded in the previous quarter ending December 2023.
Another media report has also hinted that Tesla is looking at a bleak picture. The report says that the number of potential customers buying Tesla cars in America is decreasing. One reason for this decline has been cited as the controversial personality of Tesla CEO Elon Musk. The report said Tesla continues to post strong sales growth in 2023 on the back of aggressive price cuts and discounting. But the electric vehicle maker’s consideration score dropped to 31 percent in February this year, less than half the 70 percent score the brand recorded in November 2021. The report attributes this data to Calibre. Which has been tracking consumer interest in the brand over the years.
The report says that Tesla’s CEO did not help the company in the last weeks of March 2024. He reportedly implemented a new directive that would have slowed down the sale process. The report claims that every Tesla customer in North America is now required to take a short drive to test the driver assistance feature. Which the company misleadingly sells as full self-driving.
These reports come at a time when Tesla’s CEO has claimed that the company is in the middle of two major growth waves. The first wave was powered by the Model 3 sedan and Model Y SUV. And the next is expected to be the launch of an affordable next-generation electric car with production starting in late 2025.
Many shocks also affected Tesla’s sales in the first quarter of this year. The company suffered a major setback due to the multiple closures of its manufacturing plant located outside Berlin in Germany. The company also upgraded its factory in California to produce an updated version of the Model 3 sedan. Which probably slowed down production. Apart from this, Tesla’s sales are also being affected by the rapidly increasing competition in the market.
In China, which is one of the biggest markets for Tesla, automaker BYD Co. Is struggling to maintain parity with. Which became the world’s largest selling electric vehicle manufacturer at the end of last year.
