Source: Bloomberg
Summary
Tesla’s first-quarter deliveries increased by 6% compared to the same period last year, according to the company’s report. This growth is slower than expected, and Tesla is now facing a third consecutive year of declining sales. The company delivered 422,875 vehicles in the first quarter, slightly above analyst estimates.
Our Reading
The announcement sounds ambitious.
Tesla’s 6% growth in deliveries is being spun as a positive, but it’s a far cry from the company’s usual double-digit growth rates. The electric vehicle market is getting crowded, and Tesla’s sales are feeling the effects. The company’s third straight year of falling sales is not exactly the “sustained growth” investors were promised. Tesla’s delivery numbers are starting to look like a rerun of every other tech company’s “disruptor” story. The only thing being disrupted is the company’s bottom line.
Author: Evan Null
