Electric shock as Tesla faces its first fall in annual car deliveries

Electric shock as Tesla faces its first fall in annual car deliveries
By: dailymail Posted On: October 03, 2024 View: 78

Tesla reported a rise in quarterly sales of electric cars for the first time this year as it fights competition from China. 

The US company, led by Elon Musk (pictured), sold almost 463,000 vehicles in the three months to the end of September. 

Performance: US company Tesla, led by Elon Musk (pictured), sold almost 463,000 vehicles in the three months to the end of September

This was 6 per cent higher than the same period last year and 4 per cent above the previous quarter. 

But it was slightly below Wall Street's prediction of almost 464,000 and shares fell around 3.8 per cent in early trading. 

It leaves the electric car maker needing a record fourth quarter to avoid its first annual fall in deliveries. 

Analysts at Wedbush Securities said the figures were a 'mini step in the right direction' but 'more heavy lifting is clearly ahead'. 

They said it will be a 'feat' if Tesla hits its 1.8million sales target for 2024 given the challenges it faces. 

Tesla has cut prices in a bid to fight off Chinese competitors' cheaper alternatives. 

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