Remy Blaire brings the latest business headlines from the floor of the New York Stock Exchange as markets open for trading Wednesday, April 3.
Related: Analysts overhaul Tesla stock price targets after deliveries debacle
Full Video Transcript Below:
REMY BLAIRE: I’m Remy Blaire - reporting from the New York Stock Exchange. This is what we’re watching on TheStreet today.
Wall Street is coming off a losing session as stocks struggle to kick off the second quarter. Investors are growing less hopeful of a June interest rate cut as inflation remains persistent.
In other news - Tesla’s quarterly deliveries fell for the first time in four years. While the Elon Musk-led EV maker reportedly built 433,000 vehicles, it delivered only 386,810 globally in Q1 of 2024 - an 8.5 percent drop from this time last year. It marks Tesla’s worst quarterly performance since Q3 of 2022.
The company blamed the dip in deliveries due to several production setbacks. Tesla was forced to shut down its plant in Germany for two weeks due to a shortage of chips. The shortage is due to ongoing attacks on ships in the Red Sea. And in the U.S., production decreased on the Model 3 as Tesla introduced a revamped version of the car.
However, despite the drop in sales Tesla was able to reclaim its title of world’s best-selling EV maker from China’s BYD. But Tesla is seeing increased competition from traditional carmakers. General Motors reported five of its newer electric vehicles, including the GMC Hummer and Chevy Silverado, saw a combined 841 percent sales increase in its first quarter of the year.
Shares of Tesla have dropped 33 percent thus far in 2024, making it the second-worst performing stock in the S&P 500, ahead of only health insurer Humana.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m Remy Blaire with TheStreet.
