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| Economy |
| Elon Musk Hits a Speed Bump: Tesla Suffers First Quarter-On-Quarter Sales Decline in Years |
| 2023-10-04 |
| [Breitbart] Elon Musk’s Tesla suffered its first quarter-on-quarter sales decline in years, prompting concerns about America’s appetite for electric vehicles. Analyst Dan Ives explains, "Even when factoring in the factory shutdowns with no rose-colored glasses, Tesla clearly missed the Street with bulls left disappointed." Fortune reports that in a landscape where Tesla has long been synonymous with strong growth, the company’s third quarter performance left much to be desired. Elon Musk’s car company reported a notable dip in vehicle sales, marking its first quarter-on-quarter decline in sales since the inception of Model Y production in January 2020. The figures tell a stark tale: deliveries plummeted to a little over 435,000 in the three-month span through September, marking a 6.7 percent drop compared to the second quarter. This unexpected downturn has been attributed to a series of upgrades to the company’s manufacturing plants, a move that was previously flagged by Musk during a second-quarter earnings call — but not everyone is accepting the excuse. "Even when factoring in the factory shutdowns with no rose-colored glasses, Tesla clearly missed the Street with bulls left disappointed," remarked Dan Ives, managing director for equity research at Wedbush Securities known for his insight on Tesla. This sentiment echoes through the investor community, where the unexpected dip has been met with a blend of disappointment and speculative curiosity. Despite the drop in deliveries, Tesla remains steadfast in its annual projections, affirming its guidance for the production of approximately 1.8 million vehicles for the year. The company’s strategy to navigate through this financial hiccup hinges on the forthcoming launch of the all-new Cybertruck and a refreshed version of the Model 3 sedan, both of which are anticipated to fortify the fourth quarter with robust sales. The Cybertruck faces headwinds as it launches, with one designer describing it as a "low polygon joke:" |
| Posted by:Besoeker |
| #1 He won't ride a losing horse for long. One more losing quarter and I suspect Tesla is history. New name, new owner. |
| Posted by: Besoeker 2023-10-04 02:21 |