Tesla (TSLA) U.S. sales dropped to a near three-year low in November to 39,800 vehicles, according to data from Cox Automotive. The development was highly anticipated after the expiration of the electric vehicle tax credit on September 30 pulled many EV sales forward on the calendar.
The Austin-based company has introduced cheaper versions of some of its electric vehicle models to address affordability issues after consumers lost the EV tax credit. However, EV sales were still down about 23% from a year ago, per the Cox Automotive data.
Shares of Tesla (TSLA) fell 1.0% in Thursday trading to $446.82.