American electric vehicle giant Tesla has experienced a decline in sales this year as major competitors launch their own electric models.
For the second consecutive quarter this year, Tesla’s sales have fallen. The company reported a 4.8% decrease in sales amid heightened competition.
Billionaire Elon Musk’s company announced that it delivered 443,956 vehicles worldwide over the past three months, marking a 4.8% drop compared to the same quarter last year.
“The rapid growth Tesla enjoyed in recent years has slowed, highlighting challenges faced by the entire industry. Other automakers have introduced dozens of new electric models, but demand has not met initial expectations despite price reductions, lease deals, and low-interest rates,” analyzed the Wall Street Journal.
Tesla’s stock price has dropped by 16% this year, reflecting difficulties in maintaining momentum in its core business of car sales. The company has increasingly relied on price cuts and promotions to attract buyers.
