Tesla sales fell for the second straight quarter. It marks the first time in the company’s history that sales declined from the previous year for two quarters in a row.
Tesla’s sales for the quarter came in at nearly 444,000 cars, down about 5% from a year ago. That’s less than the 8.5% drop the company saw in the first quarter. But Tesla, and its share price that has made CEO Elon Musk one of the wealthiest people in the world, has been built on a history of growing auto sales.
The drop in sales demonstrates the increased competition within the market for electric vehicles. While overall sales of EVs continue to grow, the pace of industrywide growth has proved to be less than expected, resulting in investors clamoring for each car sold to be more profitable than before.
Dispatches From The Front 