Even Elon Musk’s Tesla is Feeling the Pain as Consumers Reject Overpriced EVs
Even Elon Musk’s coveted car brand Tesla is feeling the pain as America turns its back on electric vehicles and the high costs associated with them.
In the first three months of 2023, the company sold just under 387,000 electric cars to customers, the lowest quarterly figure in almost a year. This also represented an eight percent fall year-on-year and below analysis expectations.
Meanwhile, Tesla’s shares fell more than four percent on the news, marking a 30 percent fall since the beginning of the year.
“While we were anticipating a bad 1Q, this was an unmitigated disaster 1Q that is hard to explain away,” Wedbush analyst Dan Ives said in a note shortly after the report’s release.
