Lates News

Tesla (TSLA.O) today announced one of its worst quarterly sales performances in recent years, falling short of Wall Street expectations. The company is facing challenges in its core business transformation as the electric car market becomes more competitive. On Thursday, the company reported global deliveries of 358,023 vehicles for the first quarter, below the analyst median expectation of 372,160 vehicles. This forecast has been continuously revised downward in recent weeks. This is the second consecutive quarter that Tesla has failed to meet expectations. Investors are mostly willing to overlook Tesla's sales trends as CEO Elon Musk shifts focus to future business lines such as artificial intelligence, autonomous driving, and robotics. However, traditional automotive business still remains Tesla's main source of cash flow. Following the release of delivery data, Tesla (TSLA.O) dropped 4% in pre-market trading, and as of Wednesday's close, the stock price has dropped 15% this year, down 22% from its all-time high in December.