Tesla’s global sales fell for the second straight quarter despite price cuts and low-interest financing offers, another sign of weaking demand for the company’s products and electric vehicles overall
Tesla’s global sales fell for the second straight quarter despite price cuts and low-interest financing offers, another sign of weaking demand for the company’s products and electric vehicles overall.
The Austin, Texas, company said Tuesday that it sold 436,956 vehicles from April through June, down 4.8% from 466,140 sold the same period a year ago. But the sales were better than the 436,000 that analysts had expected.
Demand for EVs worldwide is slowing, but they’re still growing for most automakers. Tesla, with an aging model lineup and relatively high average selling prices, has struggled more than other manufacturers but still is likely to remain the EV leader in the U.S. and across the world.
Tesla’s sales decline comes as competition is increasing from legacy and startup automakers, which are trying to nibble away at Tesla’s market share. Most other automakers will report U.S. sales figures later Tuesday.
The company gave no explanation for the sales decline, which is a harbinger of what to expect when Tesla posts second-quarter earnings on July 23.
