Tesla’s Record Sales Plunge: Musk’s Political Moves and Market Reaction
Tesla experienced a record sales decline, selling 384,122 cars in the quarter, a 13.5% decrease year-over-year, marking the largest drop in its history. This decline is attributed to brand damage from CEO Elon Musk’s political activities and increasing competition from both Western and Chinese automakers. Despite the sales drop, shares initially rose due to exceeding some analyst forecasts, and potential for growth with the rollout of its robotaxi service. Tesla is also at risk of losing its title as the world’s largest EV maker to Chinese automaker BYD.
John Q. Hosedrinker