US EditionTesla Sales Fell Sharply in Q2 as Musk Backlash and Competition Chipped Away at Company’s Dominance
- Tesla's global vehicle sales fell sharply by 13.5% year-over-year in the second quarter of 2024 amid growing competition and political backlash.
- This decline followed ongoing boycotts related to Elon Musk's political views and the Senate passing a bill to eliminate the $7,500 EV tax credit.
- Meanwhile, competitors like Toyota, Ford, General Motors, Hyundai-Kia, and Honda all reported year-over-year sales increases between 7.2% and 14.2% in Q2 2024.
- Tesla installed a total of 31.4 gigawatt-hours in its energy storage division during 2024, while analyst Dan Ives forecasted that losing the tax incentive could lead to a 10% to 12% decline in Tesla’s U.S. sales.
- The sales drop and tax credit removal imply ongoing challenges to Tesla’s market position amid political tensions and industry shifts, though a major turnaround remains possible.
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104 Articles
104 Articles
All
Left
24
Center
22
Right
9
Coverage Details
Total News Sources104
Leaning Left24Leaning Right9Center22Last UpdatedBias Distribution44% Left
Bias Distribution
- 44% of the sources lean Left
44% Left
L 44%
C 40%
R 16%
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