Tesla’s global sales fell for the second consecutive quarter despite price cuts and low-interest financing offers, indicating weakening demand for the company’s products and electric vehicles overall.
The Austin, Texas-based company announced Tuesday that it sold 436,956 vehicles from April through June, a 4.8% decrease from the 466,140 vehicles sold during the same period last year. However, the sales figure exceeded analysts’ expectations of 436,000.
While demand for EVs is slowing worldwide, it continues to grow for most automakers. Tesla, with its aging model lineup and relatively high average selling prices, has faced more challenges than other manufacturers. Despite this, Tesla is still likely to remain the EV leader in the U.S. and globally.
Tesla’s sales decline occurs amid increasing competition from both legacy and startup automakers, who are vying to capture Tesla’s market share. Most other automakers will report their U.S. sales figures later on Tuesday.
