Global deliveries of Tesla vehicles dropped sharply in the second quarter, prolonging the company’s run of declining sales.
Vehicle deliveries were down 13.5% in the last three months compared to last year — the steepest year-over-year drop in Tesla’s history, according to CNN.
Still, the numbers beat the pessimistic investor forecasts, and Tesla’s shares opened 4% higher on Wednesday, recovering from an earlier dip amid CEO and former White House adviser Elon Musk’s renewed feud with US President Donald Trump.
Analysts attribute Tesla’s decline partly to competition, particularly from China, and partly backlash toward Musk’s political activities. His latest public spat with Trump — over the president’s signature spending bill — could see Tesla incur more damage, The Guardian wrote: If the bill passes in its current form, it would eliminate tax credits for EV purchases.