![]() ![]() The Tesla Model 3 sedan and Model Y sport utility vehicle accounted for almost all the sales volume. Tesla’s first-quarter sales were almost unchanged from the fourth quarter of 2021, when it delivered 309,000 vehicles. “The fact the Cybertruck is on schedule is a big positive,” Garrett Nelson, senior equity analyst at CFRA Research, said in a note to clients.Tesla said Saturday that it was able to achieve the sales increase “despite ongoing supply chain challenges and factory shutdowns.” Tesla has had to suspend production at its operation in Shanghai several times because of lockdowns mandated by the local government. Delays in the truck, which was unveiled in 2019, have allowed rivals like Rivian and Ford to beat Tesla to market with electric pickups. Tesla said on Wednesday it would begin production of its long-awaited Cybertruck by the end of the year, although it won’t be able to ramp-up manufacturing of large numbers of the vehicle until 2024. The gross profit margin on car sales slipped to 26 percent in the fourth quarter from 28 percent in the third quarter of 2022 and 31 percent in the fourth quarter of 2021. Tesla faces a stronger challenge from established car companies like Hyundai, Ford Motor, General Motors and Volkswagen, which are selling more battery-powered vehicles and at lower prices than Tesla.Īlthough the price cuts helped to promote sales, they also took a toll on Tesla’s profit margin. The markdowns appear to have prompted a surge in orders and helped reassure investors that Tesla had a plan to retain its dominance in electric cars. The price of a Model 3 sedan, the least expensive Tesla, dropped by $3,000, selling now for $44,000 in the United States before government incentives. Tesla shares recouped some of their losses in January after the company slashed prices on most of its electric cars in the United States and Europe to revive sales. “Twitter is actually an incredible tool for driving demand,” he said. While acknowledging that he might have offended some people, he maintained that his presence on the platform helps Tesla. His 127 million followers on the platform, he said, “suggests I’m reasonably popular.” ![]() Musk also addressed criticism that his statements on Twitter had alienated some potential buyers. But he acknowledged that “2022 was an incredibly challenging year.” Musk said during a conference call with investors on Wednesday. “It was our best year ever on every level,” Mr. 2, a lot less than Wall Street analysts had expected and short of Tesla’s own targets. Fourth-quarter deliveries rose 18 percent, to 405,000 vehicles, the company said on Jan. During 2022, BYD surpassed Tesla in total electric cars sold in China.Īt the same time, slowing economic growth and rising interest rates in the United States threatened to reduce the number of people who can afford a Tesla. They worried about Tesla’s prospects in China, the world’s largest car market, because of problems maintaining the supply of critical parts and growing competition from rivals like the Chinese manufacturer BYD. Musk would sell more of his stake in Tesla to finance his Twitter acquisition, flooding the market. Among other things, investors worried that Mr. ![]()
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