Breaking news hit Morning on Close as Tesla (TSLA) reported a 13% year-over-year drop in deliveries for first quarter. Jenny Horne notes the selling action surrounding the print.
Tesla's delivery shortfall and imminent Trump tariffs trigger market selloff. S&P 500 faces fifth weekly loss as CEO confidence hits decade-low levels.
Drop is likely combination of ageing lineup, increased competition and backlash to Musk's politics
Finbold's congressional trading radar recently picked up on an interesting transaction involving the carmaker's stock. A March 31 filing revealed that Vicente Gonzalez, the representative of Texas's 34th congressional district, sold $250,000 worth of Tesla stock (NASDAQ: TSLA) on March 17.
Tesla (TSLA) shares fell Wednesday after the electric vehicle maker's first-quarter deliveries came in below analysts' expectations.
[00:00:04] Doug McIntyre: So Lee, uh, president Trump, 25% tariffs all cars and car parts coming into the United States.
Tesla recorded 336,681 deliveries, its worst quarterly performance in more than two years as the brand suffers a backlash to CEO Elon Musk's political maneuverings.
First-quarter Tesla deliveries were below sharply lowered views. It was the worst quarterly performance in over two years.
Shares of Tesla Inc. TSLA dove 4.1% in premarket trading Wednesday, after the electric vehicle giant reported first-quarter deliveries that were well below recently lowered expectations.
Tesla reported a drop in vehicle deliveries for the first quarter from a year earlier. The deliveries and production report lands two days after Tesla's stock wrapped up its worst quarter since 2022.
Tesla disclosed Wednesday the most tangible data point yet showing the impact to its business from the polarizing activities of its chief executive officer and largest shareholder Elon Musk, whose close relationship with President Donald Trump led many on Wall Street to warn about “woes” for the electric vehicle maker.
Tesla sold 78,828 electric vehicles in China in March, down 11.5% year-on-year, according to data from the China Passenger Car Association (CPCA) released on Wednesday. The U.S. carmaker is facing a number of headwinds in China, in particular mounting challenges from local rivals, which, in contrast to Tesla, saw growth.