Tesla shares drop after deliveries report

On Monday, Tesla shares fell by more than 4% amid growing concerns about the company's profits after too much price reduction led to a small increase in quarterly deliveries.

In January, the electric car manufacturer reduced the prices of its cars by 20%, after which Tesla management announced record deliveries in the first quarter – 422,875 cars. However, this is only 4% more compared to the previous period.

This price decline has also put pressure on loss-making electric vehicle startups: Rivian Automotive and Lucid, as well as traditional automakers such as Ford Motor, leading to a drop in their margins.

Musk's goal for the volume of deliveries today is 2 million cars in 2023. Experts note that it looks a little unattainable, and are confident that Tesla will continue to lower prices this year or next. And this will further reduce the margin. 

The current share price of the company is $192.27 per paper. Last week, there was a 9% increase in the price on the eve of the publication of the company's report on supplies.