- Tesla increases quarterly EV sales by 6%
- Misses Wall Street forecast, shares drop 3.8%
- Price cuts aim to counter Chinese competition
Tesla announced an increase in quarterly electric vehicle sales for the first time this year as it battles competition from China.
The US corporation, run by Elon Musk (pictured), sold about 463,000 vehicles in the three months ending in September.
This was 6% greater than last year’s period and 4% higher than the preceding quarter.
However, it fell somewhat short of Wall Street’s forecast of over 464,000, and shares slid around 3.8 per cent in early trading.
ThisThe electric vehicle manufacturer needs a record fourth quarter to prevent its first annual drop in deliveries.
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Wedbush Securities analysts said the results were a ‘mini step in the right direction,’ but more hard lifting is certainly ahead.
Given the hurdles it faced, they said it would be a ‘feat’ if Tesla met its 1.8 million sales target for 2024.
Tesla has reduced its prices to compete with lower-cost Chinese competitors.
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