Tesla Q1 Sales Drop 9% Amid Model Transitions and Slowing EV Demand
- Tesla Q1 sales fell nearly 9% year-over-year to 386,810 vehicles, below Wall Street estimates of 457,000
- Decline blamed on model transitions, supply chain issues, slowing EV demand
- U.S. price cuts of up to $20K failed to attract more buyers
- Sales miss raises doubts about future growth prospects
- Comes as overall U.S. EV sales growth slowed in 2022, automakers cut EV production and prices