Tesla's stock experienced a decline following the release of its Q4 delivery figures, which fell short of expectations. The company reported delivering 405,278 vehicles in the last quarter of 2023, slightly below analyst projections of around 420,000 units. This disappointing performance coupled with the company's first annual sales decline since its inception has raised concerns among investors.
Despite delivering approximately 1.31 million vehicles in 2023, reflecting only a modest 2% increase from the previous year, the annual figures marked the first decrease in sales. Rising competition and increased production costs are being cited as contributing factors to this downward trend.
The automaker aimed for a significant production ramp-up this year by expanding its manufacturing capabilities in Texas and Germany. However, these plans did not translate into stronger sales figures as anticipated.
In light of these challenges, Tesla's CEO, Elon Musk, emphasized the need for a strategic shift to enhance profitability while navigating the evolving electric vehicle market. Investors will be keenly watching how the company adapts to these new dynamics in the upcoming quarters.
News Source: yahoo
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