Tuesday, 23 July, 2019

Tesla announces 31% drop in quarterly auto sales

Elon Musk Trolls Everyone with New Hip-Hop Song ‘RIP Harambe’ Elon Musk Has Dropped His First-Ever Rap Single ‘RIP Harambe’ With Predictable Results
Russell Knight | 04 April, 2019, 14:56

Tesla said that despite the sales issues, the Model 3 was still the best selling mid-sized premium sedan in North America - with 60% more sales than its closest competitor.

Lately, Musk hasn't had the best of public favor, landing into several controversies but maybe he can redeem himself as an artist.

US stock market regulators are accusing Musk of improperly tweeting about Tesla's manufacturing volume in February when he predicted that the company would make about 500,000 cars this year.

Ben Baller, celebrity jeweler, actor and musician, apparently ended in an unpleasant predicament when he, by his own admission, became trapped in his Tesla auto after the vehicle's doors suddenly refused to open.

Shipping cars to customers outside the USA was critical toward helping make up slack in demand after the federal tax credit Tesla customers were eligible for was cut in half as of January 1.

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The company placed some of the blame on "pull forward" demand from the first quarter of 2019 to the fourth quarter of 2018 and also challenges of beginning to deliver its Model 3 compact vehicle to customers in China and Europe for the first time.

Musk has already warned investors that the company will lose money during this year's first quarter amid cost-cutting needed to lower the price of its Model 3, its first electric vehicle designed for the mass market. "To us, this signals that the tax subsidy cut in the U.S. was a significant hit to these premium vehicles and/or Model 3 is having a bigger cannibalisation impact", he said in a note.

Of course, Tesla is playing it as something of a positive.

The lower production figures come amid more uncertainty for a company that seems to be caught in an endless cycle of turmoil. That said, it assures the public that it still has sufficient cash in hand.

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