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Tesla’s sales last quarter were impacted by supply chain issues and pandemic restrictions in China.
The electric vehicle maker’s April-to-June sales fell to their lowest quarterly level since last fall.
On Saturday, Tesla revealed that it sold more than 254,000 cars and SUVs in the second quarter, down 18% from the first three months of this year and also well below the pace of last year’s final quarter.
A Tesla car drives past Tesla’s main car factory in Fremont, California. REUTERS/Stephen Lam (REUTERS/Reuters Photos)
Tesla wasn’t alone, as the rest of the industry reported a 21 percent drop in sales in a quarter that saw the average price of vehicles jump to a record $45,844 amid rising inflation, according to JD Power.
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The impact of the sales decline is expected to weigh on the company’s earnings for the quarter, which will be reported on July 20.
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It’s been a tumultuous quarter for Tesla since CEO Elon Musk made a $44 billion bid for Twitter, which he put on hold after complaining that it had too many non-human spambot users.
The billionaire said he believes at least 20% of Twitter users may be spam, fake accounts (Getty images | istock)
Tesla shares are down 35% this year.
Ticker Security Last Change Change % TSLA TESLA INC. 681.79 +8.37 +1.24%
The company said as a highlight that it produced more vehicles in June than in any other month in its history.
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Musk was absent from Twitter for nine days until he posted a photo on Friday of himself and four of his children meeting Pope Francis in Italy.
In recent months, Musk has discussed topics such as bringing salaried workers back to offices and possibly cutting Tesla’s workforce by 10% due to a possible recession.
The Associated Press contributed to this report.
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