TSLA - Ford Had a Different Start of 2024 Compared To General Motors And Even Tesla | Benzinga
On Tuesday, the mighty EV king, Tesla Inc (NASDAQ: TSLA) posted its first annual drop in sales since the first year of the pandemic. Simply put, rising EV competition from both Chinese, U.S. and European automakers ate into demand. General Motors (NYSE: GM) posted a drop in deliveries as well as in EVs for the first quarter of 2024. On the other hand, Ford Motor (NYSE: F) reported a strong start of the year.
Darker days could be ahead for Tesla.
Tesla reported it built 433,000 vehicles but delivered only 387,000 during the first three months of the year. This is a drop compared to 484,507 that Tesla delivered during the final three months of 2023, during which BYD (OTC: BYDDY) took its best EV seller quarterly crown, as well as from 422,875 vehicle sold during last year’s comparable quarter. Tesla fueled a price war last year in an effort to boost demand, and although it is more profitable than traditional automakers, the price cuts have been harming its profit margins. But even with the sharp ...