Forbes Russia infromed on April 2, that Tesla, the American electric vehicle (EV) manufacturer, experienced its first annual decline in sales since 2020.
Competition in the EV Market
Despite its recent sales setback, Tesla maintains its position as a leading player in the global EV market, staying ahead of its closest competitor, Chinese manufacturer BYD. BYD briefly surpassed Tesla in quarterly sales of electric vehicles at the end of last year, attributed to its diverse range of more affordable EV models.
Factors Contributing to the Sales Decline
Tesla's quarterly sales were reported to be 14% lower than analysts' forecasts, with expectations set at the sale of 450,000 electric vehicles. This discrepancy points to challenges in meeting demand and maintaining growth momentum. The COVID-19 pandemic in 2020 also impacted Tesla's sales, marking the last instance of year-over-year decline prior to the recent downturn.
According to data from the Tesla press service, the company produced 433,000 electric cars in the first quarter of this year, with approximately 387,000 units sold. Notably, the Model Y and Model 3 emerged as the most popular models. Despite the strong performance of these models, Tesla's overall sales dropped by more than 8% compared to the same period in 2023.
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