Tesla’s sales from April through June fell to their lowest quarterly level since last fall, the company reported.
As supply chain problems are still impacting the global auto industry and lockdowns in China hit production in its Shanghai plant, the Elon Musk company is facing hard times.
On Saturday Tesla said it sold more than 254,000 cars and SUVs in the second quarter of the year, which represents an 18% drop from the first three months of this year and also way below last year’s final quarter.
The last time Tesla sold fewer vehicles globally was in the third quarter of 2021.
Just last week the automotive industry reported a 21% drop in sales during the second quarter as the average price for vehicles in the U.S. jumped to a record of $45,844, according to AP.
As the electric vehicle manufacturer’s sales drop, its quarterly results are expected to be also disappointing.
Amid a stock market recording its worst first six months of the year since 1970, Tesla shares have also a steep loss.
According to AP Tesla’s stock 35% decline this year occurred since Musk became Twitter’s largest shareholder and launched a $44 billion takeover bid for the social media platform. The deal is still being discussed.
Tesla’s results came out a week after Musk said new factories in Austin, Texas and Berlin, Germany were “money furnaces” that were losing billions of dollars.