Tesla Model 3 sales up last month despite electric vehicle sales slowdown (2024)

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Are Tesla sales declining? ›

Tesla sales in California dropped 24.1 % in the second quarter, the brand's third straight quarterly decline in the state. Purchases dipped 7.8% in the first quarter of 2024 and 9.8% in the final quarter of last year.

Tesla sales fall for second straight quarter despite price cuts, but decline not as bad as expected. DETROIT (AP) — Tesla's global sales fell for the second straight quarter despite price cuts and low-interest financing offers, another sign of weakening demand for the company's products and electric vehicles overall.

In the first half of 2024, Tesla's US sales fell eight percent. It's worse in Europe with a 13-percent drop. It doesn't seem to be a good year for Tesla. After the record results of 2023—when it was the most popular EV manufacturer with the best-selling vehicle in the world—2024 isn't nearly as robust.

Tesla's sales for the quarter came in at nearly 444,000 cars, down about 5% from a year ago. That's less than the 8.5% drop the company saw in the first quarter. But Tesla, and its share price that has made CEO Elon Musk one of the wealthiest people in the world, has been built on a history of growing auto sales.

Sales of new electric vehicles have started to slow, but the opposite is happening with used EVs. A combination of factors has led to increases in both the number of used electric vehicles available to purchase and the number of people looking to buy them.

Supply and demand control the market. With thousands of used Teslas being listed and many brand new Teslas available at affordable prices, the supply is high. Demand isn't exactly low, but it's growing more slowly than many automakers hoped.

Drivers charge their Teslas in Santa Ana, California, March 20, 2024. Tesla is in trouble. Yesterday, the company announced that its profits for the first three months of this year fell by 55 percent from the first three months of 2023. Sales declined by 8.5 percent.

Among the troubles bedeviling the company are sluggish consumer demand and a price war with competitors that has dented profits. (The only bright spot was revenue from sales of regulatory credits, which help rivals meet emissions standards. Tesla sold $890 million worth in the quarter, three times the figure in 2023.)

Tesla shares slide to 15-month low ahead of earnings, as Wall Street frets over price cuts, layoffs. Tesla's stock dropped for a seventh straight day Monday, reaching its lowest price since January 2023. Over the weekend, the company cut electric vehicle prices in the U.S., China and Europe.

After years of rapid expansion, electric vehicles sales growth in California trended down in the middle of last year and now has turned negative: 101,443 all-electric cars were registered in the state in 2024's second quarter, down from 102,730 in the second quarter of 2023, a drop of 1.2%.

Where will Tesla stock be in 5 years? ›

surged Wednesday after Cathie Wood's Ark Invest said they should rocket more than 15-fold in five years as the electric-vehicle maker evolves into a more profitable robotaxi company. “Ark's updated open-source Tesla model yields an expected value of $2,600 per share in 2029,” according to an Ark Invest report.

1. Tesla. With a market cap of over $560 billion, Tesla is the largest EV manufacturer in the world. Various attributes differentiate Tesla from other automakers, but the most notable is its supply chain.

Elon Musk's electric car-maker delivered nearly 444,000 vehicles in the three months ended 30 June, up more than 14% from the prior quarter. That was far more than most analysts had expected - though still down nearly 5% from the same period in 2023.

The company led by Elon Musk is selling fewer electric cars, and its big bets on driverless taxis and artificial intelligence could take many years to pay off. Tesla on Tuesday reported a 45 percent drop in profit in the three-month period between April and June, a result of the electric car company's sluggish sales.

In 2024, electric car sales in the United States are projected to rise by 20% compared to the previous year, translating to almost half a million more sales, relative to 2023.