Tesla sales fall for the second straight quarter

The Street

TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why Tesla sales keep falling despite its price cuts.

Transcript

00:00I'm Conway Giddens reporting from the New York Stock Exchange. Here's what we're watching on

00:03the street today. Wall Street quietly added to gains in pre-holiday volumes, just enough for

00:09the tech-heavy Nasdaq and the S&P 500 to close at fresh record highs. Investors had to weigh

00:15comments from Fed Chair Jerome Powell. He said inflation is now coming down to his liking,

00:20but warned there are risks to cutting interest rates too early or too late. In other news,

00:26Tesla continues to feel the heat from growing competition and an overall malaise in the EV

00:32market. Deliveries fell for a second straight quarter, noteworthy because this is the first

00:38time in Tesla's 21-year history that it's seen back-to-back delivery drops from the prior year.

00:44Tesla's sales growth is slowing, with Elon Musk and his company no longer the only EV game in

00:49town. In addition, high repair and maintenance costs, as well as worries about the ability

00:54to recharge batteries quickly and conveniently, have led many Americans to rethink their EV

01:00transition. Musk has responded by offering near-zero percent financing and price cuts on

01:06some models in order to spur sales. Nevertheless, quarterly deliveries were still down 4.8 percent

01:11from a year ago. That, however, was not as bad as feared. As a result, sales of Tesla jumped

01:17roughly 9 percent to a six-month high. That'll do it for your daily briefing from the New York

01:22Stock Exchange. I'm Conway Gittins with the Street.

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