Tesla's sales from April through June fell to their lowest quarterly level since last fall as supply chain issues and pandemic restrictions in China hobbled production of its electric vehicles.
FILE - In this April 26, 2020 photo, the company logo shines off the rear deck of an unsold 2020 Model X at a Tesla dealership in Littleton, Colo. Tesla’s sales from April through June 2022 fell to their lowest quarterly level since last fall as supply chain issues and pandemic restrictions in China hobbled production of its electric vehicles.
Tesla's sales drop may be a harbinger of weaker second-quarter earnings for the Austin, Texas, company, which is the world's top-seller of battery-powered vehicles and has posted net profits for nearly three years. Tesla plans to release its full results for the April-June period on July 20. Musk has used his own Twitter account, which now has more than 100 million followers, to discuss the pandemic restrictions that forced the Shanghai factory to temporarily close during the quarter. Wedbush analyst Dan Ives estimates that more than 40% of Tesla's sales come from China, and that the Shanghai factory produced about 70,000 fewer vehicles due to the shutdowns.
Musk also has discussed making salaried workers return to offices and a possible 10% cut in Tesla's work force due to a possible recession.
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