Tesla Inc. recorded an 8.5% year-over-year decline in global vehicle deliveries for Q1 2025, according to its financial report released February 14. The automaker delivered approximately 345,000 units, down from 377,000 in Q1 2024, marking its first quarterly sales drop since 2020. Analysts attribute the slump to intensified competition from Chinese rivals like BYD, which saw a 15% EV sales surge during the same period, and lingering impacts from last November's Autopilot recall affecting 2.1 million vehicles.
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The sales downturn triggered a 12% stock price plunge to $165 per share on February 14, erasing $75 billion from Tesla's market capitalization. Simultaneously, Chinese EV manufacturers gained market share through aggressive pricing - BYD's Seagull hatchback now retails at $18,500, undercutting Tesla's $25,000 Model 2 prototype unveiled at January's CES. Regulatory filings reveal Tesla's European market share fell to 13.7% in January 2025 from 18.2% a year prior.
CEO Elon Musk confirmed during a February 15 earnings call that Tesla will accelerate production of its Model 2 compact EV, targeting a Q3 2025 launch with initial pricing set at $26,800. The company plans to open two new gigafactories in Southeast Asia by late 2026, aiming to reduce manufacturing costs by 17% through localized battery production.
Source: gizmochina
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