By Associated Press | Updated: 4 July 2022
Tesla’s sales from April through June fell to their lowest quarterly level since last fall as supply chain issues and pandemic restrictions in China hobbled production of its electric vehicles.
The company on Saturday disclosed it sold more than 254,000 cars and SUVs from April through June, an 18 percent drop from the first three months of this year and also well below the pace in last year’s final quarter.
The last time Tesla sold fewer vehicles globally was in the third quarter of 2021 when it delivered 241,000.
On Friday, the rest of the industry reported a 21 percent drop in sales during the second quarter as the average price for vehicles skyrocketed to a record of $45,844 (roughly Rs. 36,23,900) amid soaring inflation, according to J.D. Power.
Tesla’s sales drop may be a harbinger of weaker second-quarter earnings for the Austin, Texas, company, which is the world’s top-seller of battery-powered vehicles and has posted net profits for nearly three years. Tesla plans to release its full results for the April-June period on July 20.
Like many other stocks, Tesla shares have been hard hit this year. But the 35 percent decline in Tesla’s stock price hasn’t been entirely tied to the company’s see-sawing fortunes.
On Friday, the rest of the industry reported a 21 percent drop in sales during the second quarter as the average price for vehicles skyrocketed to a record of $45,844 (roughly Rs. 36,23,900) amid soaring inflation, according to J.D. Power.
Tesla’s sales drop may be a harbinger of weaker second-quarter earnings for the Austin, Texas, company, which is the world’s top-seller of battery-powered vehicles and has posted net profits for nearly three years. Tesla plans to release its full results for the April-June period on July 20.
Like many other stocks, Tesla shares have been hard hit this year. But the 35 percent decline in Tesla’s stock price hasn’t been entirely tied to the company’s see-sawing fortunes.
