Tesla Shares Fall: But Why?

Tesla, under the management of Elon Musk, shared its data for the first quarter of 2024 today. While the data revealed that the company was not having a very good period, it showed that deliveries decreased significantly. From the pandemic period in 2020

So compared to the same period last year 8.5% decrease in deliveries happened. There was a 20% decrease compared to the last quarter. This did not reflect well on the market and the company’s shares fell.

Tesla shares fell by 7% due to low sales announcements, and its market value fell to $ 520 billion

Tesla’s financial data, which was well below expectations, did not reflect well on the shares. The company’s stock in the last day up to 7% saw a decline. Tesla stock was up slightly compared to the morning at the time of writing this news. 166.05 It is traded in dollars. The market value of the company is to 520 billion dollars Let’s point out that it’s declining. Its market capitalization on April 1 was $557 billion.

Let’s take a detailed look at why this decline occurred. According to data, in the last three months the company 386 thousand 810 sales carried out. This is 20% less than the previous quarter’s sales of 484 thousand. It is 8% lower than the sales of 422 thousand in the first quarter of 2023. The company was normally expected to sell 450 thousand vehicles.

On the production side, there was a decrease again. Automobile giant, from January to March 433 thousand 371 carsl produced. Let us note that 440 thousand vehicles were produced in the same period last year, and 494 thousand vehicles were produced in the previous quarter. So, there is a decrease here too, although not as much as deliveries.

It is stated that there are several reasons behind these decreases. Among these, what happened in the Red Sea ship attacks There are things like factories that were closed due to the arson attack on the Gigafactory in Berlin.