Tesla Delivers Fewer EVs Than Expected in Q1, Stock Tumbles 30% Amid Broader Industry Headwinds
• Tesla delivered fewer electric vehicles than expected in Q1 2022, undershooting forecasts and posting its first year-over-year quarterly decline since 2020
• Tesla stock has fallen over 30% in 2022, making it one of the worst performers in the S&P 500, amid broader concerns of slowing EV demand
• High interest rates, increased competition from cheaper Chinese EVs, and supply chain issues like the suspected arson at Tesla's German factory have created headwinds
• Some critics blamed Tesla CEO Elon Musk's "toxic behavior" for damaging the Tesla brand, but Musk dismissed the criticism
• The disappointing Tesla numbers signal broader struggles in the EV industry despite heavy investments, suggesting the transition to electric vehicles may be stalling