Tesla's vehicle deliveries fell for the first time in 2023, marking a shift in the electric vehicle market. Analysts attribute the decline to a lack of new models and increasing competition.
Tesla sales decline d for the first time in the company's history last year, the company reported Thursday, reflecting what analysts said was a lack of new models in an increasingly competitive market for electric vehicles . Vehicle deliveries fell to 1.79 million, representing a drop of 1.1% from 1.81 million vehicles in 2023. Tesla shares fell about 6% Thursday to $379.28. Edmunds auto analyst Jessica Caldwell noted Tesla 's core model lineup has seen few changes in recent years.
'Especially for EVs, you have to attract new buyers and returning buyers,' she said. 'In the EV market people want something new and fresh.' Beyond a news release listing quarterly and annual numbers, the company had no comment, although it will hold a public webcast on financial results Jan. 29. Chief Executive Elon Musk posted 25 comments on X on Monday morning, 23 of them political but none about Tesla. Musk's increasingly conservative politics and his alignment with Republican President-elect Donald Trump might also be a factor in left-leaning states such as California, its biggest U.S. market, Caldwell said. 'There are people with a negative image of Elon Musk and that's tainted the Tesla a bit.' Most of the sales decline occurred in the fourth quarter, ended Dec. 31, despite cut-rate financing deals offered by Tesla. Given the company's commanding lead in electric vehicle market share, slow or no growth at Tesla adds another challenge to California Gov. Gavin Newsom's zero-emission vehicle aspirations. The state is under his mandate to ban new sales of traditional gasoline-powered cars by 2035. Tesla, once a darling of California electric vehicle buyers, has been taking hits in the Golden State, with sales down 3.5% in the third quarter, according to the state dealers trade group. Tesla itself doesn't break out numbers state by state. Fourth-quarter estimates from the California New Car Dealers Assn. will be available later this mont
Tesla Electric Vehicles Sales Decline Competition New Models
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