Tesla delivered fewer vehicles than analysts expected last quarter, missing estimates despite taking the unusual step of offering hefty incentives in its two biggest markets.
Concerns about rising interest rates, inflation and other economic headwinds — plus alarm over Musk’s antics on Twitter, which he now owns — sent Tesla shares plunging 37 per cent in December and 65 per cent last year.“We believe that Tesla is facing a significant demand problem, Toni Sacconaghi, a Bernstein analyst with the equivalent of a sell rating on the stock, wrote in a report Monday.
“Tesla sells cars, and the auto industry is slowing down, Gene Munster, managing partner of Loup Ventures, said by phone. “They are still struggling with logistics, and the gap between production and deliveries grew from the last quarter. Tesla doesn’t break out sales by region, but the US and China are its largest markets, and 95 per cent of sales in 2022 were of the Model 3 sedan and Y crossover.