Tesla, led by Elon Musk, is experiencing a potential rebound in sales after a large drop earlier this year.
As per reports, the electric car manufacturer delivered nearly 444,000 vehicles in the quarter ending June 30, marking a more than 14 percent increase from the previous quarter. This figure surpassed most analysts' expectations, although it remains nearly 5 percent lower than the same period in 2023.
Reportedly, the company has been grappling with decreased demand due to high borrowing costs and intensified competition. To attract buyers, Tesla has repeatedly reduced prices and introduced low-cost financing options. However, these strategies have yielded limited success.
Notably, In April, Tesla announced plans to reduce its workforce by more than 10 percent as sales declined in the first half of the year. The company attributed its poor performance at the start of the year to supply shortages caused by shipping disruptions in the Red Sea and an alleged arson attack at its German factory.
Analysts suggest that Tesla needs to update its vehicle lineup to prevent competitors from gaining market share. While the cyber-truck, introduced last year, remains a small part of Tesla's business, the mainstream Model 3 sedan has been on the market since 2017.
ALSO READ: Bansal Wire Industries garners Rs 223 cr from anchor investors
FIRST Business Portal addressing the potential of business capability of North East Region.
