PFor the second consecutive quarter this year, sales have declined. The decline was 4.8% amid increased competition. Billionaire Elon Musk’s company said it delivered 443,956 vehicles worldwide in the last three months, down 4.8% from the same quarter last year. In second place, Chinese automaker BYD (Build Your Dreams) has sold 300,110 electric vehicles worldwide in the first three months of 2024, up 13% from the first quarter of 2023.
“Tesla is no longer growing as fast as it has in recent years, underscoring the challenges facing the industry as a whole. Other automakers have launched dozens of new electric models, but demand has not met initial expectations despite falling prices and a wave of low leases and interest rates.”, analyzes the Wall Street Journal.
Tesla’s stock price has fallen 16% this year as the company’s core business, selling cars, struggled to maintain momentum, relying more on price cuts and promotions to boost buyer interest.
Chinese car brands such as BYD, Chery and MG have recently set up in Morocco with a view to taking advantage of its strategic position as a re-export platform at the gates of Europe, thanks to free trade agreements with Europe to circumvent the trade sanctions imposed by the European Union on Chinese manufacturers. In addition, Morocco is seeking to capitalize on its expertise in the battery sector by signing, on March 29, an investment agreement worth more than $3 billion with BTR New Material Group.
(with MAP)
