Tesla has recorded its first annual drop in car deliveries since 2020, with sales down more than 9% in the first quarter of 2024 compared to the previous year.
This has raised concerns about Tesla’s position in the global market, especially with the rising international competition in the electric vehicle sector. The company attributed the decline to several factors, including transportation delays due to diversions in the Red Sea and setbacks such as a fire at the Gigafactory Berlin.
Despite the drop in sales, Tesla still leads the electric vehicle market, outpacing BYD. However, it is worth noting that BYD, a Chinese electric vehicle manufacturer, is expanding its global presence and has seen a 13% increase in sales.
The competition in the electric vehicle market is intensifying, with Chinese manufacturers such as BYD becoming increasingly influential. Additionally, other companies like Nissan are also expanding their electric vehicle offerings, suggesting a significant shift in the automotive industry towards electrification.
Tesla plans to release its complete financial results for the first quarter of 2024 on April 23.
Source: New York Post / This content was created with the help of AI
