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Tesla comes as a surprise by selling more cars than expected

There is a possibility that Tesla sales, which had a large decline earlier this year, are beginning to show signs of resurrection.

The electric car manufacturer owned by Elon Musk delivered approximately 444,000 vehicles for the three months that concluded on June 30. This is an increase of more than 14% compared to the previous quarter.

Despite the fact that it was still over 5% lower than the same period in 2023, this was significantly higher than the majority of analysts had anticipated.

Due to the high cost of borrowing money and the increased level of competition, Tesla has been experiencing a slowdown in demand.

In addition to establishing low-cost financing arrangements, it has constantly reduced costs in an effort to win back customers.

On the other hand, its success in this endeavor has been limited.

The company has experienced a decline in revenues during the first half of the year, despite the fact that it declared in April that it intended to lay off more than ten percent of its workers.

Tesla attributed its poor performance at the beginning of the year, in part, to supply bottlenecks that were caused by shipping disruptions in the Red Sea and an alleged arson attempt at its manufacturing in Germany by a third party.

However, analysts believe that Tesla needs to update its lineup in order to prevent competitors from making headway in the market with their products.

Despite the fact that the company began selling its cyber-truck a year ago, this segment of the company's business continues to be very minor. The launch of the company's mainstream Model 3 car occurred in the year 2017.

A bright future for the company, supported by self-driving technology and automation, has been sketched by Mr. Musk, who recently secured shareholder support for a record-breaking compensation package worth approximately $50 billion.

In addition, the sector is still expanding on a global scale, despite the fact that the demand for electric vehicles in the United States has been subpar in recent months, contrary to what was predicted.

According to a recent forecast from the International Energy Agency (IEA), it is anticipated that more than one in five automobiles that will be sold this year around the world will be electric. This includes nearly half of autos sold in China and approximately one quarter of automobiles sold in Europe.

Dan Ives, an analyst at Wedbush Securities, stated that he believed the worst was behind Tesla. He also mentioned that there were signs of progress in China, where the government recently announced that it will offer money to those who trade in older cars as part of a bigger campaign to encourage the industry.

"While its been a difficult period for Tesla and the company has been through some significant cost reductions (roughly 10%-15%) to preserve its bottom line/profitability, it appears better days are now ahead," he stated in a letter sent to investors on Tuesday.

He stated that he anticipated that the company's future presentation on robotaxis, which is scheduled to take place in August, will spur a new wave of growth.

As a result of the news, more than six percent of the company's shares increased during the morning trading session on Tuesday.₹1200-cash-payment/

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