Tesla, the largest manufacturer of electric cars, lost $27 billion in market capitalization after publishing a quarterly report on financial activity. Against this background, the value of the company's shares fell by 5%.
As reported by the agency Reuters, Elon Musk's company released a report on April 2 in which it acknowledged that it delivered 386 vehicles in the first three months of the year, down 810% from the same period last year. Thus, Tesla's sales fell for the first time since 8,5.
Due to the fact that the quarterly indicators were significantly different from the forecast of analysts from Wall Street, who predicted more than 454 thousand delivered electric cars, the market value of Tesla decreased by $27 billion. In general, since the beginning of the year, shares of the automaker have fallen by 33% - this is the second worst performance in the index The S&P 500, which includes the 500 largest U.S. publicly traded companies.
Against this background, Tesla may expect a further slowdown in the pace of development. In total, in the first quarter of 2024, the company produced 46 thousand more cars than were sold, which in turn may indicate a decrease in demand. This can be caused by two factors:
- lack of design updates for Tesla electric cars;
- cheap cars from competitors from China.
It is worth noting that Tesla's rivals in the market, on the contrary, report growth. For example, Chinese automaker BYD reported 300 battery electric vehicles (BEVs) sold, which is 13% more than last year. Also, sales of electric cars Ioniq 80 and Ioniq 5 from Hyundai Motor jumped by 6%.
Against this background, Gene Munster, managing partner of Deepwater Asset Management, called the reported quarter terrible for Tesla. He attributed what happened to high interest rates in the US and the waning of hype around electric cars. However, the expert remained optimistic about the company's long-term prospects.
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