Elon Musk had expected a more robust quarter, until China's strict Covid policies stymied production and sales in Shanghai.
Elon Musk speaks during the opening of Tesla's Giga Berlin plant near Gruenheide, Germany, on March 22.after starting 2022 with its biggest profit and highest vehicle deliveries in company history, fueled by booming China business. But a severe Covid-related lockdown there that continued until this month, along with startup pains at the electric-car maker’s newest plants, has analysts slashing their forecasts for global delivery numbers it’s expected to report within the next few days.
The slowdown in China, Tesla’s most profitable market, comes after a period of relative stability in terms of profit and production growth for Elon Musk’s EV powerhouse. Along with a lower pace of deliveries the quarter also brought Tesla’s first large-scale job cuts that Musk, who expects the U.S. economy to fall into recession, said will affect about 3.5% of employees worldwide.
Musk was far more upbeat in the company’s first-quarter results call, initially anticipating that the current three-month period could see deliveries remain similarly robust.
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