Tesla experience its worst sales decline ever last quarter, with a 13% drop in deliveries compared to last year.
Tesla sales plunged 13% in the first three months of this year, the largest drop in deliveries in its history, as backlash against CEO Elon Musk and growing competition took a large bite out of demand for its EVs.
Tesla reported Wednesday that it delivered 336,681 cars in the quarter, 50,000 fewer vehicles compared to the first three months of last year. The results were the company’s worst sales in nearly three years.
Tesla pointed out that its factories were closed for several weeks as it switched over to production of the new Model Y but there isn’t much doubt that what we’re seeing here is a left-wing backlash.
“The Street and us knew a bad 1Q was coming but this was even worse than expected,” said Dan Ives of Wedbush Securities, who has…
