Tesla announces 31% drop in quarterly car sales

Tesla has announced that it sold approximately 63,000 vehicles in the first quarter of 2019 – a 31% drop compared to the previous quarter.

According to the company, “a massive increase in deliveries in Europe and China” and “many challenges encountered for the first time” saw it deliver half this quarter’s vehicle sales by 21 March.

Over 10,000 vehicles were still in transit at the end of the quarter, Tesla added.

Tesla expects that first quarter net income will be negatively impacted as a result of these shortcomings.

“Even so, we ended the quarter with sufficient cash on hand,” said the company.

Tesla said that despite the sales issues, the Model 3 was still the best selling mid-sized premium sedan in North America – with 60% more sales than its closest competitor.

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Tesla announces 31% drop in quarterly car sales