Tesla shares fall despite strong output
Tesla announced that its vehicle deliveries and production during the second quarter exceeded market expectations, with 480,126 vehicles delivered and 451,758 vehicles produced. Despite this, the stock price fell by 7% following the announcement. Deliveries increased by 25% year-over-year, with Model 3 and Model Y accounting for 97% of the total. This comes as the company strives to regain sales momentum amidst fierce competition from Chinese and European electric vehicle manufacturers, as well as market factors such as rising fuel prices and declining government support.
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