Tesla warned that 2024 was going to be a more challenging year for the company. One half in and it already looks that way. The electric vehicle market is getting model saturated and volume plateauing. Without incentives electric car sales would be falling as is the case in New Zealand at the moment. Tesla has experienced two consecutive quarter downturns for the first time ever.
Deliveries are down 8% in H1 with some reasons given by Tesla for that. 2024 was always going to be tough regardless of unforeseen problems. Production is down 11% which would indicate inventory is being managed. That's normal with sales dropping but it's not ideal to have capacity not fully utilised.
The Cybertruck would have been helpful at this time to increase deliveries but that has been plagued with issues that have held it up for years. That and the flatness of the electric car market in 2024 are making the year the most challenging for the company so far.
Data source: Tesla.
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