Business news in brief

By The Associated Press

U.S. first-quarter auto sales grew nearly 5%, but EV growth slows

DETROIT | New vehicle sales in the U.S. rose nearly 5% from January through March, as buyers stayed in the market despite high interest rates. But electric vehicle sales growth slowed to 2.7% during the quarter, with mainstream buyers wary of limited range and a lack of charging stations.

Automakers sold nearly 3.8 million vehicles in the first quarter versus a year ago. With inventory on dealer lots growing toward pre-pandemic levels, auto companies were forced to reduce prices. J.D. Power said the average sales price in March was $44,186, down 3.6% from a year ago.

Tesla sales tumble by

nearly 9%

DETROIT | Tesla sales fell sharply last quarter as competition increased worldwide, electric vehicle sales growth slowed, and price cuts failed to draw more buyers.

The Austin, Texas, company said it delivered 386,810 vehicles from January through March, almost 9% below the 423,000 it sold in the same quarter of last year. Sales also fell short of Wall Street expectations. Analysts polled by FactSet expected the company to deliver 457,000 vehicles.

The slowing sales will make it difficult for the company to reach the annual growth rate of 50% per year that CEO Elon Musk has predicted in most years.

GE aviation and energy businesses start trading on NYSE

General Electric has completed its split of the one-time conglomerate into three separate companies, as its aerospace and energy businesses started trading on the New York Stock Exchange as separate entities on Tuesday.

GE Aerospace will trade under the ticker symbol “GE.” GE Vernova, the energy business, will trade under the “GEV” ticker symbol.

Both GE Aerospace and GE Vernova rang the opening bell of the NYSE together.

—From AP reports