Tesla sales fall for the second straight quarter
TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why Tesla sales keep falling despite its price cuts.
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00:00I'm Conway Giddens reporting from the New York Stock Exchange. Here's what we're watching on
00:03the street today. Wall Street quietly added to gains in pre-holiday volumes, just enough for
00:09the tech-heavy Nasdaq and the S&P 500 to close at fresh record highs. Investors had to weigh
00:15comments from Fed Chair Jerome Powell. He said inflation is now coming down to his liking,
00:20but warned there are risks to cutting interest rates too early or too late. In other news,
00:26Tesla continues to feel the heat from growing competition and an overall malaise in the EV
00:32market. Deliveries fell for a second straight quarter, noteworthy because this is the first
00:38time in Tesla's 21-year history that it's seen back-to-back delivery drops from the prior year.
00:44Tesla's sales growth is slowing, with Elon Musk and his company no longer the only EV game in
00:49town. In addition, high repair and maintenance costs, as well as worries about the ability
00:54to recharge batteries quickly and conveniently, have led many Americans to rethink their EV
01:00transition. Musk has responded by offering near-zero percent financing and price cuts on
01:06some models in order to spur sales. Nevertheless, quarterly deliveries were still down 4.8 percent
01:11from a year ago. That, however, was not as bad as feared. As a result, sales of Tesla jumped
01:17roughly 9 percent to a six-month high. That'll do it for your daily briefing from the New York
01:22Stock Exchange. I'm Conway Gittins with the Street.