Tesla posts rare drop in sales in second quarter
The electric automaker reported that completed sales dropped nearly 18%, to about 255,000 vehicles in the second quarter compared to the first three months of the year. Production fell 15% to 259,000.The company’s Analysts surveyed by Refinitiv had been expecting the company to post a 46% increase in revenue in the quarter compared to a year ago, and a 51% jump in adjusted income. The more modest increase in year-over-year sales could temper those expectations, and put further pressure on the company’s share price. Shares of Tesla have fallen 35% so far this year.The company opened two new plants in the quarter, one in Germany and another in Texas. But problems ramping up production at those factories meant the output at those plants was “puny” in the first two months of the quarter, Tesla CEO Elon Musk said in a recent interview.
