Shares of electric-vehicle giant Tesla, Inc. (NASDAQ:TSLA) fell in premarket trading on Wednesday, extending losses after declining in each of the past three sessions.
The stock fell nearly 5% to $166.63 on Tuesday after it reported its first year-over-year sales decline since the second quarter of 2020. While the median company-compiled consensus called for deliveries of 431,000 units for the quarter, the Elon Musk-led company could manage to report sales of just 386,810 EVs.
The company blamed the shortfall on slow production ramp-up as the Fremont factory transitioned to Model 3 refresh production and supply challenges in Europe. Musk, meanwhile, said ...