Tesla shares fell 12 per cent in New York on Thursday after warning that sales growth would be “notably lower” this year because of flagging demand, intensifying competition and persistent high interest rates that were damping the effect of a series of price cuts.
The US electric-car maker told investors in an earnings report released after the stock market closed on Wednesday that it was “between two major growth waves”.
Chief executive Elon Musk said the company was preparing to start production of a new lower-cost car in the second half of 2025, five years after first mooting plans to do so, which would use “revolutionary manufacturing technology” that would reduce the cost of the model.
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