Tesla surprises with better than expected car sales

Friday, 12 July 2024 00:02 - - {{hitsCtrl.values.hits}}

BBC: Tesla sales, hit by a significant slump earlier this year, may be showing signs of revival.

Elon Musk’s electric car-maker delivered nearly 444,000 vehicles in the three months ended 30 June, up more than 14% from the prior quarter.

That was far more than most analysts had expected, though still down nearly 5% from the same period in 2023.

Tesla has been navigating a slowdown in demand, as high borrowing costs weigh on buyers and competition increases.

It has slashed prices repeatedly to try to win back shoppers, while also introducing low-cost borrowing plans.

But its success in this has been limited.

The firm, which announced plans in April to sack more than 10% of its workforce, has seen sales fall in the first half of the year.

At the start of the year, Tesla blamed its poor performance in part on supply shortages due to shipping disruption in the Red Sea and an alleged arson attack at its factory in Germany.

But analysts say Tesla needs to freshen its line-up, if it hopes to stop rivals from making inroads.

The Company started selling its cyber-truck last year but that remains a tiny part of its business. Its mainstream Model 3 sedan was first released in 2017.