(qlmbusinessnews.com via cityam.com – – Thur, 4th April 2019) London, Uk – –
Tesla suffered a record decline in car deliveries in the first quarter of 2019, raising fears that demand is waning for its electric vehicles.
The manufacturer reported 63,000 deliveries from January to March, down almost a third compared to the 90,966 it delivered in the fourth quarter of 2018.
Analysts had expected it to deliver around 76,000 cars.
But Tesla did commit to its full-year guidance of delivering between 360,000 and 400,000 vehicles in 2019.
It added that 10,600 cars were on their way to customers down to strong demand in China and Europe towards the end of the quarter.
The deliveries comprised 50,900 Model 3 electric cars and 12,100 Model S and Model X cars.
Dan Ives, an analyst at Wedbush Securities, told Bloomberg the quarter was better than some investors were anticipating.
“The Street was expecting an apocalyptic quarter and Model 3 deliveries were better than feared by many,” he said.
That sentiment was echoed by Daniel Ives, managing director at Equity Research, who told CNN that “clearly soft” sales were made up for with Model 3 delivery numbers that “were better than feared”.
He said the low number “represents an ‘air pocket' quarter in our opinion.”
CNN pointed to the US’s halving of a $7,500 tax credit cut on Tesla vehicles, while the push of cars to Cina and Europe has been a fresh logistical challenge for the firm.
Tesla said yesterday that it experienced “many challenges” with a “massive increase” in shipments overseas.
By Joe Curtis