Tesla Sees First Ever Sales Drop as EV Market Faces Growing Pains

Tesla, NIO, Li Auto, and XPeng reported Q1 2024 delivery numbers, with Tesla seeing its first ever year-over-year decline.

Several EV startups like Lucid, Fisker, and Canoo are facing financial difficulties and cash burn issues.

Rivian maintained its 2024 delivery guidance despite a factory shutdown and Q1 deliveries declining slightly quarter-over-quarter.

XPeng and Li Auto saw strong delivery growth in March and Q1 2024.

EV companies are launching new models and expanding overseas, with XPeng entering Europe and NIO aiming to start ES7, ET7 and ET5 deliveries in Q2.