Keith Fitz-Gerald, chief investment officer at Fitz-Gerald Group, talks about Tesla stock, Big Tech’s investments in artificial intelligence, and the market performance of Walmart and Costco.
Tesla’s first-quarter deliveries fell far short of expectations, sending its stock price plummeting on Tuesday and casting a cloud over demand for electric vehicles.
| ticker | safety | last | change | change % |
|---|---|---|---|---|
| TSLA | Tesla Inc. | 175.22 | -0.57 | -0.32% |
Elon Musk’s EV maker produced more than 433,000 vehicles in the first three months of this year, down 12% from the previous quarter, and delivered 387,000 vehicles, down 20% from the previous quarter, the company reported. did. Analysts had expected the automaker to deliver more than 400,000 units, according to estimates.
Smithtown, New York: The parking lot of a Tesla retail store on Route 347 in Smithtown, New York, is filled with new Tesla electric vehicles on July 5, 2023. This location is one of five Tesla-owned centers in the state. (Photo credit: John Paraskevas/Newsday R
Tesla stock has fallen more than 30% so far this year, and the latest snapshot of deliveries is also a headwind for shareholders.
Tesla faces competition from U.S. automakers such as Ford, GM and Mercedes, as well as Chinese EV makers. This is because EV demand will decline in favor of better gas-powered cars.
| ticker | safety | last | change | change % |
|---|---|---|---|---|
| F | ford motor corporation | 13.29 | +0.01 | +0.08% |
| GM | general motors company | 45.14 | -0.24 | -0.53% |
ford motor corporation Earlier this month, the company cut the price of its Mustang Mach-E electric SUV by up to $8,100 after sales plummeted in January. Ford also announced in January that it would cut production of its F-150 Lightning pickup truck and reduce production at its Michigan Rouge Electric Vehicle Center to one shift starting April 1.
Mercedes plans to slow down electric cars in response to weak demand
The German luxury brand has revealed it will miss its 2025 deadline for EVs, including hybrids, to account for 50% of its total sales. The company announced in February that goal would be delayed until at least 2030 because of weak demand for electric vehicles.
Decreasing demand for EVS: Survey
