On April 17th, Tesla, hailed as the "benchmark for global automakers," attracted widespread attention with its recently released first-quarter 2024 production and delivery report.
The report revealed that Tesla delivered a total of 386,800 vehicles worldwide, marking an 8.5% decline compared to the same period last year and a staggering 20.2% drop from the fourth quarter of last year. This sales figure not only hit a new low in the past five quarters but also marked Tesla's first time falling below the 400,000 vehicle delivery mark since the third quarter of 2022.
The significant decline in sales undoubtedly brought immense pressure to Tesla. Influenced by the delivery data, Tesla's stock price plummeted by nearly 7%, leading to a severe evaporation of its market value. Year-to-date, Tesla's market value has evaporated by over $200 billion. Moreover, in the first quarter, Tesla's stock price experienced a cumulative decline of 29%, marking the largest quarterly drop since its IPO in 2010.
To cope with the pressure from declining sales, Tesla had to resort to layoffs. According to reports, the company is set to cut over 10% of its workforce, resulting in 14,000 job losses. This layoff scale has been dubbed the "largest in Tesla's history" by the media, undoubtedly sending shockwaves throughout the entire industry.
Tesla and Musk have always been the focus of international media attention, with labels like "benchmark for global automakers" and "world's richest person" becoming topics of discussion. However, on the day the layoff news was announced, Tesla's stock price once again dropped by over 5%, resulting in a market cap loss of over $30 billion. Year-to-date, Tesla's stock price has fallen by approximately 35%, casting a shadow over Tesla's future development.
So, what are the reasons behind Tesla's sales decline? Forbes magazine believes that increasingly fierce market competition and a slowdown in global demand for electric vehicles are objective factors. With the continuous development of the new energy vehicle market, more and more brands are entering this field, placing Tesla under pressure from all sides. Meanwhile, the slowdown in global demand for electric vehicles has led to a decline in market demand, naturally impacting Tesla's product sales.
