Tesla posts rare drop in sales in second quarter
CNN
Covid lockdowns in China resulted in a rare drop in production and sales for Tesla in the second quarter.
The electric automaker reported that completed sales dropped nearly 18%, to about 255,000 vehicles in the second quarter compared to the first three months of the year. Production fell 15% to 259,000.
The company's factory in Shanghai was shut for several weeks in April due to lockdown rules in the city aimed at combating a surge in Covid cases. Problems getting parts from Tesla suppliers also limited Tesla's production even after the plant reopened. The lockdowns likely cost Tesla production of about 70,000 vehicles in the quarter, according to Dan Ives, tech analyst for Wedbush Securities.
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