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Tesla reported a drop in quarterly deliveries on Tuesday that fell short of expectations, sparking market concern. The company’s stock price fell 5.2%, and its market value lost approximately US$30 billion. It has fallen 33% so far this year.
The sales decline is mainly attributed to the failure of price cuts to stimulate demand and the slow progress of updated models. Tesla is facing competition from local Chinese companies and its global market share is being challenged.
(Source: Reuters Image source: Unsplash)
