Tesla reported 358,023 vehicle deliveries in the first quarter, below the 368,903 deliveries Wall Street expected, Reuters said.
Tesla produced 50,363 more vehicles than it delivered in the quarter, generating its largest recent inventory buildup. Shawn Campbell, Tesla investor and Camelthorn Investments adviser, told Reuters the build reflected the EV tax credit expiration, growing competition and the need for lower interest rates to spur demand.
Campbell added that sustained higher gasoline prices could encourage more consumers to consider EVs, but that effect would take time to show in the numbers. Matt Britzman, Tesla investor and Hargreaves Lansdown senior equity analyst, said company valuation hinges more on future products than current auto deliveries.
Deliveries have fallen in recent quarters, raising questions about near-term EV demand even as Tesla emphasises AI and robotics under Elon Musk, Tesla CEO. Elon Musk's role as CEO remains central to investor expectations for the company's next moves.
Read the full article at jalopnik.com.
More automotive news: Latest car news