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Tesla lost $27 billion in market value amid declining quarterly deliveries

Natasha Kumar By Natasha Kumar Apr5,2024

Tesla loses $27 billion in market value amid declining quarterly supply

Tesla/unsplash

Tesla lost nearly $30 billion in market value due to a drop in quarterly deliveries for the first time in 4 years. Tesla shares fell about 33% overall.

The price cut failed to stimulate demand in a highly competitive market. This is reported by Reuters.

The shares of Elon Musk's company fell 5.2% to $166.08 on April 2, losing about $30 billion in market capitalization. cost Overall, Tesla shares are down about 33% this year.

Tesla's first-quarter deliveries were down 8.5% year-over-year to 386 810 cars. During this period, the company produced 433,371 vehicles. According to the average forecast of 18 analysts polled by Visible Alpha, Tesla was expected to deliver 454,200 vehicles.

The automaker last recorded a decline in sales in the second quarter of 2020 , when the COVID-19 pandemic forced Tesla to halt production.

Tesla lost $27 billion market value amid declining quarterly supply

Tesla/unsplash

We note that Musk's company has faced stiff competition in China from local players, including market leader BYD and new entrant Xiaomi. The market value of Xiaomi, the maker of smartphones and home appliances, increased by $4 billion in one day after the release of its debut electric sports car, which costs less than the Tesla Model 3.

Natasha Kumar

By Natasha Kumar

Natasha Kumar has been a reporter on the news desk since 2018. Before that she wrote about young adolescence and family dynamics for Styles and was the legal affairs correspondent for the Metro desk. Before joining The Times Hub, Natasha Kumar worked as a staff writer at the Village Voice and a freelancer for Newsday, The Wall Street Journal, GQ and Mirabella. To get in touch, contact me through my natasha@thetimeshub.in 1-800-268-7116

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