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Tesla CEO Elon Musk Photo: Kirsty Wigglesworth-WPA Pool (Getty Images)
Elon Musk’s Tesla has shared its first-quarter gross — and the numbers are inadequate than analysts expected.
The Elon Musk’s tesla “nightmare” year is off to a horrible beginning, having delivered near about 387,000 vehicles in Quarter1, a 20 percent loss as compared to previous quarter. On average, as Quartz reports, analysts had expected the company to supply more than 457,000 units on average.
It’s for the first time that there is a drop in quarterly deliveries in last four years, focusing on the the company’s efforts in light of extreme competition, decreasing a big ask for electric vehicles — and discontentment over Tesla’s polarizing CEO Musk.
As a consequence of this, Tesla’s stock have fallen over five percent today, showing investors are cautious of what 2024 still has in store.
Over a long period of time, Tesla bull and Wedbush analyst Dan Ives declared the company’s upcoming first quarter a “nightmare” previous week.
“This is a obstacle for Elon Musk’s Tesla to get it through this horrible time, otherwise the situation could be more worse than expected,” he said at the time.
Allegation on Musk
With terrible numbers confirming Elon Musk’s Tesla is in great difficulty, the company has reached into damage control mode. In the first month of the year.
Elon Musk’s Tesla already notify investors of “notably lower” volume development this year — and there are rumors or signs that something is true so it must be at least partly true.
In its economic results note this week, the company blamed the fall in sales on attempts to rise production of an updated Model 3 and the Red Sea conflict pressurizing diversions and “an arson attack at Gigafactory Berlin.”
Investors, however, are far more tensed by other forces at play, involving fierce competition from China pressurizing the company to decrease prices to maintain its edge.
Tesla is a “growth company with no growth,” Wells Fargo analyst Colin Langan mentioned in a March 13 note.
Several experts have shown concern over Musk’s unusual behavior, which may be decreasing the company’s reputation and leading buyers to select other competing offerings rater than tesla.
Tesla investor Ross Gerber asked resignation of CEO and his board of directors.
“It’s time for investors to figure out the reason behind this,” he tweeted. “The Tesla BOD should be substituted as far as possible with independent directors as required by law.”
“Firstly Tesla can’t sell its cars because of Musk’s behavior,” he added in a follow-up. “we should stop blaming the Houthi rebels or German environmental terrorists. Or a recession that never came. Or interest rates.”
“Only Musk is responsible for this,” he added.
