Drop is likely combination of ageing lineup, increased competition and backlash to Musk’s politics
Tesla reported a 13% drop in vehicle sales in the first three months of the year, making it the electric vehicle maker’s worst quarter since 2022. It’s another sign that Elon Musk’s once high-flying electric car company is struggling to attract buyers.
The drop is probably due to a combination of factors, including its ageing lineup, competition from rivals and a backlash from Musk’s embrace of rightwing politics. It also is a warning that the company’s first-quarter earnings report later this month could disappoint investors.
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