Tesla Motors Struggles with Delivery Estimates as Competition Intensifies in US and Abroad
Tesla Faces Growing Competition
Tesla Motors has reported a decline in deliveries, handing over fewer vehicles than anticipated in the third quarter. With Tesla shares plummeting more than 6% in morning trading, the electric-vehicle giant risks its first-ever annual decline due to stiff competition in China and Europe.
Impact on the Market
The growing consumer interest in hybrids over EVs, coupled with a lack of European subsidies, poses challenges for Tesla's growth. Chinese automakers, such as BYD and Xpeng, aggressively expand their reach in the world's largest automotive market with the backing of local government subsidies, affecting Tesla's delivery performance.
- Deliveries rose 6.4% to 462,890 vehicles.
- Analysts had projected 469,828 vehicles.
- Concerns grow about Tesla's annual delivery numbers.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.