Tesla Inc. has managed to sell just 386,810 EVs in the first quarter of the year, down from roughly 423,000 the year before and 485,000 in the fourth quarter.
This is the company’s first nosedive in unit sales since 2020, and it’s a big one. The number of cars produced (433,371) vastly exceeds the number sold – by 46,561 examples, to be exact. It’s the first time on record Tesla has so much inventory in the warehouses. If you don’t think it’s that bad, consider that the share prices fell by a further 4.9 percent as the news was published.
In related news, Reuters adds that the company had to scrap its plans for an affordable EV expected to cost around $25,000. Tesla CEO Elon Musk has already responded by calling the report “lies”, so seeing things develop is going to be interesting.