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    Home - Finance & Investment - Tesla suffers worst quarter since 2022 as deliveries tumble
    Finance & Investment

    Tesla suffers worst quarter since 2022 as deliveries tumble

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    Tesla suffers worst quarter since 2022 as deliveries tumble
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    Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.

    Tesla’s deliveries tumbled in the first three months of this year, marking its worst quarter since 2022, as the electric-vehicle maker faced a consumer backlash in Europe, fierce competition in China and weakness even in its home market.

    The Texas-based EV group, led by Elon Musk, delivered 336,681 cars in the first quarter, far fewer than the 390,000 forecast by analysts and 387,000 in the same period last year.

    The figure lagged behind that of China’s BYD, which has regained its crown as the world’s best-selling electric-vehicle maker after this week reporting sales of 416,388 EVs in the same period.

    Tesla shares were up 2.3 per cent in New York on Wednesday, after briefly dipping 6.3 per cent in early trading.

    Musk’s alliance with US President Donald Trump and his controversial leadership of the so-called Department of Government Efficiency (Doge) have caused a backlash in the US, with dealerships being picketed and cars vandalised.

    Musk’s activism has also hurt Tesla’s brand in Europe through his interventions in the region’s politics in support of rightwing causes. Consumers also held back due to the upgrade of its flagship Model Y car and hopes for a new affordable vehicle coming in the second quarter.

    “We are not going to look at these numbers with rose coloured glasses . . . they were a disaster on every metric,” said Dan Ives, an analyst at Wedbush. “This quarter was an example of the damage Musk is causing Tesla. The more political he gets with Doge the more the brand suffers, there is no debate.”

    The company is banking on a revival in demand after finally launching the redesigned Model Y in China in February and Europe last month. 

    In a statement, Tesla said the changeover of Model Y lines had led to the loss of several weeks of production during the quarter. “The ramp-up of the new Model Y continues to go well,” it added.

    But the model upgrades, which will be executed in phases, has not yet lifted sales, with new registrations falling sharply in France, Sweden and other European markets in March.

    The troubled rollout of the new Model Y comes as Tesla’s challenges grow in China, the world’s largest EV market and one in which BYD has a commanding lead.

    In the first two months of the year, Tesla’s share of battery-only EV sales in China was at 7 per cent, down from 12 per cent a year earlier, according to data from Automobility, a Shanghai consultancy.

    Its ageing models contrast unfavourably with improvements to BYD’s hybrid and electric offerings as the Chinese carmaker presses ahead with its overseas expansion. Tesla is also facing more EV competition from established carmakers such as BMW and Volkswagen.

    The company is also suffering from quality issues. Last month it had to recall all 46,000 Cybertrucks sold in the US to replace an exterior panel that could fall off while driving.

    Recommended

    BYD logo

    Tesla shares, which soared following Trump’s election victory giving the company a market capitalisation of $1.5tn at their peak in December, have since fallen more than 40 per cent.

    Musk’s absence from Tesla has drawn criticism from investors and analysts as he prioritises his political activism in Washington. He was in Wisconsin this week trying to influence the outcome of the state’s Supreme Court election, which he said could “determine the fate of Western civilisation.” His preferred candidate lost.

    The continuing weakness in the stock prompted Musk to host a staff town hall in Texas two weeks ago, where he made a personal appeal to Tesla employees to hold on to their shares, saying the company’s plans for autonomous driving would boost its fortunes.

    “Musk needs to stop this political firestorm and balance being CEO of Tesla with Doge,” Ives said. “The future is so bright but this is a full-blown crisis Tesla is navigating now and it’s primarily self-inflicted.”

    Line chart of Share price, $ showing Tesla shares have fallen sharply since the peak in December

    Tom Narayan, analyst at RBC Capital Markets, said he had expected a boost in US sales for Tesla as consumers rushed to get ahead of the implementation of Trump’s automotive tariff. General Motors reported a 17 per cent jump in US sales in the first quarter.

    “Instead, it appears that the March Tesla US delivery number might have been similar to January and February,” he added.

    Autodata estimates that Tesla’s US deliveries fell 11 per cent year on year during the first quarter.

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