Tesla just reported an abysmal quarter with Model S and Model X falling off a cliff
Among the details shared in the company's letter to shareholder were sales updates on each of Tesla's three models, and demand for its original two, the S and X, appears to be struggling.
"Deliveries of Model S and Model X declined to 12,100 vehicles in Q1 compared to our two- year run rate of roughly 25,000 units per quarter,""This decline was mainly caused by weaker Q1 demand due to seasonality, pull-forward of sales into Q4 2018 in the U.S. due to the first scheduled reduction of the federal EV tax credit in Q1 and discontinuation of our 75 kWh battery pack."
There were some fears that the Model 3, which now comes at a much cheaper price than its larger counterparts, but executives were quick to discount those fears on a conference call following the earnings report. "3.5% of trade-ins for the Model 3 are coming from the Model S," CEO Elon Musk said in response to a question, adding that its a"tiny portion" of all trade-ins. '
Tesla said the average selling price for Model 3, which currently starts at $39,500 in the US, is currently around $50,000. For comparison Models S and X start at $78,000 and $83,000, respectively.
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