Tesla Deliveries Drop Nearly 10% as EV Competition Heats Up and Production Issues Persist
• Tesla sales fell sharply last quarter, delivering 386,810 vehicles compared to 423,000 in Q1 2022 • Drop attributed to increased EV competition, recent price cuts failing to attract buyers, and production issues • First time Tesla deliveries have declined since 2020 • Tesla predicting slower growth in 2023 between Models 3/Y expansion and new Model 2 release • EV competitors like Ford and GM investing billions to produce cheaper EVs, now capturing more U.S. EV market share than Tesla