Tesla global sales reveal price cuts are working, but not well enough

AutoExec Summary
The latest data from Tesla indicates that aggressive price cuts have helped to correct a sharp drop in global deliveries of their electric cars. However, global deliveries of Tesla vehicles are still down 6.6% so far in 2024, marking the first sales decline in the opening half of a calendar year in the brand’s history. Tesla delivered 443,956 new vehicles worldwide in the second quarter of 2024, representing a 4.8% decline compared to the same period in 2023. The company’s second-quarter results beat industry analysts’ predictions and outsold Chinese rival BYD. The decline in sales has been offset by a series of aggressive price cuts on Tesla vehicles. Cumulative deliveries of Tesla vehicles have now surpassed 6 million.

Brands mentioned: Tesla, BYD