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International Business Times UK

Business

Niloy Chakrabarti

Tesla's Long-Term Potential Still Strong, But Musk Must End the Political Firestorm First

Tesla Inc. Elon Musk United States DOGE Wedbush Dan Ives Donald Trump

Elon Musk remains the wealthiest person on the planet. (Credit: AFP News)

Tesla (NASDAQ:TSLA) shares tanked as much as 8% during premarket hours on Thursday to £197.46 ($260.10) apiece after Q1 deliveries significantly missed consensus estimates.

The EV maker reported 336,681 deliveries for Q1 2025, well below the Street's estimate of 352,000. Tesla attributed the grim numbers to weeks of lost production during the quarter amid the ramp of its new Model Y across all production factories. Demand for Tesla EVs faltered in Europe, followed by the US and China as new registrations nosedived. Furthermore, the redesigned Model Y upgrade will be implemented in phases and is yet to lift sales.

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