Electric vehicle sales have slowed down in the first 3 months of 2024
(CNN) – Sales of electric vehicles may have hit a speed bump.
Kelley Blue Book reports nearly 270,000 EVs were sold in the U.S. during the first three months of the year.
It’s a 2.6% increase from a year ago; however, it is nearly 7.5% less compared to the final quarter of last year.
Tesla has been especially hard hit.
Company sales fell more than 13% during the first quarter of the year compared with a year ago, and its stock price has dropped more than 30% this year.
Tesla is getting more competition in the EV market from companies like Ford, Hyundai, Mercedes Benz and BMW.
Tesla CEO Elon Musk notified his employees on Monday that the company will slash 10% of its workforce, according to a report from the Washington Post.
Musk cited a need to reduce costs and increase productivity.
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