FILE - An Unsold 2023 Model X sports-utility vehicle sits outside a Tesla dealership Sunday, June 18, 2023, in Englewood, Colo. Tesla sales are expected to fall in the first quarter as demand for electric vehicles continues to slow. DETROIT — Tesla sales fell sharply last quarter as competition increased worldwide, electric vehicle sales growth slowed, and price cuts failed to draw more buyers.
Sales also fell short of Wall Street expectations. Analysts polled by FactSet expected Tesla Inc. to deliver 457,000 vehicles. Last year Tesla dramatically lowered U.S. prices by up to $20,000 for some models. In March it temporarily knocked $1,000 off the Model Y, its top-selling vehicle. The reductions cut into the company’s profit margins, which spooked investors.Federal EV charging stations are key to Biden’s climate agenda, yet only 4 states have themShares of Tesla tumbled 7.4% at Tuesday’s opening bell.