Tesla June quarter deliveries likely fell 3.7%, the first time the top EV maker was set to post two straight quarters of decline, as it dealt with stiff competition in China and slow demand due to a lack of affordable new models, Reuters reported.
The company was expected to deliver 438,019 vehicles for the April to June period, according to an average estimate based on forecasts from 12 analysts polled by LSEG, seven of whom slashed their expectations in the past three months. The EV maker was expected to announce the results on Tuesday.
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Reuters noted Tesla had warned in January deliveries growth in 2024 would be “notably lower” as a boost from months long price cuts waned.
Adding to those problems was a consumer shift to cheaper petrol electric hybrid vehicles which had left Tesla with a growing inventory of vehicles it was trying to move with price cuts and incentives including cheaper financing options and leases, the news agency’s report added.
