Tesla sees 13.5% drop in Q2 auto sales
NEW YORK : Tesla reported another hefty drop in auto sales today, extending a difficult period amid intensifying electric vehicle competition and backlash over CEO Elon Musk's political activities.
The EV maker reported 384,122 deliveries in the second quarter, down 13.5% from the year-ago period.
Shares rallied after the disclosure, which was in line with most analyst expectations but better than some leading forecasts in recent days.
The sales figures released today, which are global, reflect the more contested nature of the EV market, which Tesla once dominated, but which now also features BYD and other low-cost Chinese companies, as well as legacy western automakers like General Motors, Toyota and Volkswagen.
But Musk's political activism on behalf of right-wing figures has also made the company a target of boycotts and demonstrations, weighing on sales.
In recent days, Musk has revived a feud with US President Donald Trump, dragging Tesla shares lower.
Musk donated more than US$270 million to Trump's 2024 campaign, barnstorming key battleground states for the Republican.
After the election, he oversaw the launch of the 'department of government efficiency', a controversial initiative that eliminated thousands of government jobs that DOGE said were part of a pattern of waste, fraud and abuse.
But Musk has broken with Trump over the White House's flagship tax and spending bill, which Musk rated as wasteful and misguided.
In a social media post, Musk accused bill supporters of backing 'debt slavery'.
In response, Trump has threatened to target Musk's business empire and warned of deporting the South African-born Musk.
Tesla shares fell more than 5% yesterday following this back and forth.
Tesla shares rose 2.8% early today.
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