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Tesla’s sales are sluggish as pandemics hinder production

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Tesla said on Saturday that vehicle deliveries from April to June fell 18 percent from the first quarter of this year. This is a rare slowdown in the company caused by production problems in China.

Tesla sells more electric vehicles than any other company, and until recently it was expanding rapidly in China, Europe, and the United States as rising gasoline prices made battery power more attractive. The company continues to endure supply chain disruptions more than its rivals such as General Motors and Toyota, which reported a sharp drop in sales on Friday.

There is a lot of demand for cars, especially electric cars, but due to the lack of semiconductors and other key components, buyers have to wait months for delivery.

Tesla delivered more than 254,000 vehicles this quarter, compared to 310,000 in the first quarter. This was the first quarterly delivery decline since the beginning of 2020, when the pandemic pushed down car sales globally.

Tesla said on Saturday that it could build more cars than ever in June, suggesting that deliveries could recover in the coming months to overcome supply chain problems.

Shutdown and lack of pandemic-related components at a corporate factory in Shanghai. China has the largest automobile market in the world, accounting for about 40 percent of Tesla’s sales.

Wedbush Securities analysts Daniel Ives and John Katsingris said in a memo to investors last week that production in China was an absolute catastrophe in April and May.

Despite the slowdown in delivery, Tesla is still far superior to other car makers. Compared to the first quarter of 2021, Tesla’s deliveries increased by 26%. This is far better than General Motors said on Friday that delivery of new cars in the second quarter in the United States fell by 15% year-on-year. Similarly, Toyota Motor Corp. reported a 23% drop in US sales.

Tesla has more orders it can meet, but demand can slow if the global economy hits a speed bump. Tesla CEO Elon Musk warned in an interview with Bloomberg News in June that a recession was inevitable at some point and likely to happen soon. He told staff that the company would cut 10 percent of office workers.

Tesla is unlikely to match its growth from last year, with shipments up 90% to 940,000. According to Wedbush analysts, the 50% increase in 2022 is more realistic.

It was still an impressive feat, given Saturday’s note that China was essentially closed for two months.

The slowdown in growth is one factor that has prompted investors to reassess Tesla’s potential to dominate the automotive business. Tesla’s share has fallen by more than 40% since its peak in November, despite more buyers choosing electric vehicles because of their energy efficiency.

Electric vehicles are significantly less expensive to drive than fossil fuel vehicles, depending on local utility charges. According to the Environmental Protection Agency, the standard range for the Tesla Model 3 is 142 miles per gallon, with annual fuel costs of $ 450. By comparison, the Honda Accord with a petrol engine earns 33 miles to a gallon and costs $ 2,200 a year to refuel.

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2/ https://www.nytimes.com/2022/07/02/business/tesla-q2-sales.html

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