Tesla Shares Dip After Intel Joins Terafab; South Korea Sales Jump 335%
Tesla's shares slid about 2% on Tuesday after Intel joined Musk's Terafab project aiming to produce one terawatt per year of AI compute across two Austin chip factories. Meanwhile, first-quarter deliveries to South Korea soared 335% year-over-year to 20,964 units, making Tesla the top imported car brand.
1. Terafab Partnership Expansion
Intel has joined the Terafab semiconductor venture alongside SpaceX, xAI and Tesla to design, fabricate and package high-performance chips. The project targets production of one terawatt per year of compute capacity, with two advanced chip factories planned in Austin, Texas.
2. Stock Market Reaction
Tesla shares fell about 2% following the announcement, as Wedbush analysts noted the collaboration could be a first step toward a potential Tesla-SpaceX merger. The share drop contrasts with a roughly 4% rise in Intel's stock on the same news.
3. Record Q1 South Korea Deliveries
Tesla sold 20,964 vehicles in South Korea during the first quarter, a 335% increase year-over-year that propelled it past BMW and Mercedes to lead the imported car market. Growth drivers included early government EV incentives, rising fuel prices and price cuts on China-made Model 3 and Model Y units.
4. Broader Shipment and Analyst Outlook
Global shipments reached 358,023 units in the quarter, up 6.3% year-over-year but down 14% sequentially, missing some expectations. Analysts have lowered near-term price targets while highlighting long-term growth catalysts such as AI integration and full self-driving development.