Tesla is forecasting a sharp sales slowdown this year, becoming the latest car company to warn of sagging demand.

Elon Musk’s electric vehicle (EV) maker said growth would be “notably lower” than in 2023, when deliveries rose 38%.

The company’s shares fell by almost 6% in extended trade in New York after the announcement.

Mr Musk also warned that Chinese rivals “will pretty much demolish most other car companies in the world” unless trade barriers are put in place.

Tesla slashed prices repeatedly last year in a bid to keep demand up.

The moves helped the firm sell a record 1.8 million cars in 2023, up nearly 40% from 2022.

But revenue grew at about half that pace, slowing precipitously at the end of the year.

In its quarterly update to investors, Tesla said it was not expecting another big wave of expansion until it launches a new model.

The company has been discussing plans for a compact car that would be less expensive than its current Model Y, which starts around £45,000 in the UK.

“Our company is currently between two major growth waves: the first one began with the global expansion of the Model 3/Y platform and the next one we believe will be initiated by the global expansion of the next-generation vehicle platform,” it said.

Mr Musk’s call for trade barriers in the increasingly competitive market came after China’s BYD overtook Tesla as the world’s top-selling electric carmaker in the last three months of 2023.

Wednesday’s sales slowdown warning also came amid wider signs of weakness in the EV market, after several years of robust growth.

In the UK, sales of electric vehicles rose last year, but failed to make inroads against traditional cars as a portion of overall sales.

In China, the biggest market for such cars, manufacturers have slashed prices as the economy slows, while in Europe, sales of battery electric cars shrank sharply last month, falling nearly 17% compared with December 2022, according to the European Automobile Manufacturers Association.

In the US, major car companies, including Ford and General Motors, have said they are scaling back production of electric vehicles.

Around 1.1 million battery electric cars sold in the country last year, up nearly 50% over 2022 and more than double 2021, according to the government.

Tesla said in the last three months of 2023, revenue was $25.1bn (£19.7bn), up just 3% compared with the same period in 2022. Its profits were lower than many analysts had expected.

Source

39 comments
  1. Normally I do not learn post on blogs, however I would like to say that this write-up very forced me to take a look at and do it! Your writing taste has been surprised me. Thanks, very great article.

  2. I haven¦t checked in here for a while as I thought it was getting boring, but the last few posts are good quality so I guess I will add you back to my everyday bloglist. You deserve it my friend 🙂

  3. Wow! This can be one particular of the most helpful blogs We’ve ever arrive across on this subject. Basically Great. I’m also a specialist in this topic so I can understand your effort.

  4. Whats up very nice web site!! Guy .. Beautiful .. Amazing .. I’ll bookmark your web site and take the feeds also?KI’m happy to find so many useful information right here in the put up, we want develop more strategies in this regard, thanks for sharing. . . . . .

  5. Do you mind if I quote a few of your articles as long as I provide credit and sources back to your webpage? My blog site is in the exact same niche as yours and my visitors would certainly benefit from some of the information you present here. Please let me know if this ok with you. Many thanks!

  6. That is very attention-grabbing, You’re a very skilled blogger. I’ve joined your rss feed and look forward to in quest of extra of your excellent post. Also, I’ve shared your site in my social networks!

  7. Howdy would you mind stating which blog platform you’re working with? I’m looking to start my own blog in the near future but I’m having a hard time deciding between BlogEngine/Wordpress/B2evolution and Drupal. The reason I ask is because your layout seems different then most blogs and I’m looking for something completely unique. P.S Apologies for getting off-topic but I had to ask!

  8. Simply want to say your article is as astounding. The clearness on your post is simply spectacular and i can think you’re an expert on this subject. Fine along with your permission allow me to snatch your feed to stay updated with imminent post. Thank you 1,000,000 and please carry on the rewarding work.

  9. We’re a group of volunteers and opening a new scheme in our community. Your web site provided us with valuable information to work on. You’ve done a formidable job and our whole community will be grateful to you.

  10. Aw, this was a really nice post. In concept I would like to put in writing like this moreover – taking time and precise effort to make an excellent article… however what can I say… I procrastinate alot and under no circumstances appear to get one thing done.

  11. I keep listening to the news update speak about getting free online grant applications so I have been looking around for the top site to get one. Could you tell me please, where could i acquire some?

  12. This is really interesting, You’re a very skilled blogger. I’ve joined your rss feed and look forward to seeking more of your magnificent post. Also, I’ve shared your site in my social networks!

  13. When I originally commented I clicked the “Notify me when new comments are added” checkbox and now each time a comment is added I get four emails with the same comment. Is there any way you can remove people from that service? Bless you!

  14. Can I just say what a relief to find someone who actually knows what theyre talking about on the internet. You definitely know how to bring an issue to light and make it important. More people need to read this and understand this side of the story. I cant believe youre not more popular because you definitely have the gift.

  15. Please let me know if you’re looking for a author for your site. You have some really good articles and I believe I would be a good asset. If you ever want to take some of the load off, I’d absolutely love to write some articles for your blog in exchange for a link back to mine. Please send me an e-mail if interested. Thank you!

  16. Just wish to say your article is as astounding. The clearness for your publish is just great and that i could think you are an expert on this subject. Well with your permission allow me to seize your RSS feed to keep updated with imminent post. Thank you 1,000,000 and please carry on the rewarding work.

  17. With havin so much content do you ever run into any problems of plagorism or copyright violation? My website has a lot of exclusive content I’ve either authored myself or outsourced but it appears a lot of it is popping it up all over the web without my agreement. Do you know any methods to help protect against content from being ripped off? I’d genuinely appreciate it.

  18. I’ve been browsing online greater than 3 hours as of late, yet I never discovered any interesting article like yours. It is lovely price sufficient for me. In my opinion, if all site owners and bloggers made excellent content material as you did, the net will be a lot more helpful than ever before. “We are not retreating – we are advancing in another Direction.” by Douglas MacArthur.

  19. Nice read, I just passed this onto a colleague who was doing a little research on that. And he just bought me lunch as I found it for him smile Thus let me rephrase that: Thank you for lunch! “Remember It is 10 times harder to command the ear than to catch the eye.” by Duncan Maxwell Anderson.

  20. Thank you for sharing superb informations. Your web site is so cool. I’m impressed by the details that you’ve on this web site. It reveals how nicely you perceive this subject. Bookmarked this web page, will come back for extra articles. You, my friend, ROCK! I found simply the information I already searched all over the place and simply couldn’t come across. What a perfect website.

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Time travel: What if you met your future self?

By Hal Hershfield15th November 2023 Imagining a conversation with “future you” has…

Can AI cut humans out of contract negotiations?

By Sean McManus Technology Reporter “Lawyers are tired. They’re bored a lot…

OpenAI staff demand board resign over Sam Altman sacking

By Chris Vallance, Annabelle Liang & Zoe Kleinman Technology and business reporters…

Nasa astronaut Frank Rubio has just returned from a record-breaking 371 days in space onboard the ISS, but the trip may have altered his muscles, brain and even the bacteria living in his gut.

With a few handshakes, a brief photoshoot and a wave, Nasa astronaut…

Xi Jinping arrives in the US as his Chinese Dream sputters

By Tessa Wong Asia Digital Reporter, BBC News When Xi Jinping stepped…

Black Women in Cybersecurity Initiative

About this event 1 hour Mobile eTicket Overview The Black Women in…

China and Australia: Frenemies who need each other

By Nick Marsh Asia Business Correspondent China and Australia are proof that…

AI: EU agrees landmark deal on regulation of artificial intelligence

European Union officials have reached a provisional deal on the world’s first…