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Tesla sales rise due to demand for tax credit fuel

Tesla sales rose 10 percent in the second quarter as the Elon Musk-led company benefited from government incentives and price cuts, making its electric cars less expensive than comparable gasoline models.

The company said on Sunday that Tesla delivered 466,000 vehicles from April to June, up from 423,000 vehicles in the previous quarter. Compared with a year ago, sales soared 83 percent in the second quarter as the company expanded production at new factories in Austin, Texas, and near Berlin.

Rule Effective this year, it allowed buyers of Tesla vehicles to qualify for $7,500 in federal tax credits. To its credit, the least expensive Model 3 sedan sells for less than $33,000, which is cheaper than similar luxury sedans sold by Mercedes-Benz and BMW, which run on gasoline and offer mass-market offerings like the Toyota Camry and Honda Accord. Compatible with cars.

Owners of electric cars also benefit from fuel savings and lower maintenance costs. Electric vehicles don’t require oil changes, and electricity is generally cheaper per mile than gasoline.

According to Kelley Blue Book, Tesla is the leading manufacturer of electric cars in the United States, with a market share of 62 percent in the first quarter. But its share is set to drop to more than 70 percent by early 2022 as established automakers such as General Motors, Ford Motor and Volkswagen begin introducing more electric models.

In China, which is a bigger car market than even the United States or Europe, Tesla faces intense competition from local manufacturers such as BYD who have new model lineups. On average, electric vehicles from Chinese manufacturers have been in showrooms for a little over a year, according to AlixPartners, a consulting firm. Tesla’s most popular car, the Model Y sport utility vehicle, went on sale in 2020.

AlixPartners, citing consumer surveys, said Chinese manufacturers also offer interior and exterior styling and entertainment and information systems that better meet local tastes.

While Tesla’s sales continue to rise, the company’s profitability Ltd. has suffered as it has to cut prices to increase demand. Tesla earned $2.5 billion in the first quarter, down from $3.7 billion in the last three months of 2022.

Many investors are betting that Tesla’s growth will accelerate as demand for electric vehicles picks up and the company starts selling the Cybertruck, an electric pickup truck, later this year. Tesla’s agreement to let other car makers, including Ford and GM, use it charging network A new source of revenue can also be created.

Tesla’s share price has more than doubled this year, although it remains well below its peak in 2021, when the company was valued at more than $1 trillion.

The carmaker on Sunday said it will publish its financial results for the second quarter of this year on July 19.

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