Tesla's stock dropped 8% yesterday on the news that Q1 deliveries fell 31% from the previous quarter but up 110% from last year. From the one year perspective, Tesla is the only car company that is growing.
Tesla announced a first quarter 31% drop in vehicles that were delivered to customers compared to the prior quarter. The news caused the stock to drop approximately 8%. Tesla's stock dropped 8% yesterday on the news that Q1 deliveries fell 31% from the previous quarter. However, being a seasonal business, car companies usually compare their results against the same quarter from the previous year.
Car analysts say the industry slowdown is due to rising car prices and higher interest rates making it harder for consumers to buy a new car.
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