Tesla Reports First Year-Over-Year Drop in Sales Amid Increased Competition

Tesla posted its first year-over-year drop in sales since the first year of the pandemic, as increased electric vehicle competition from Chinese and Western automakers ate into demand. The company reported it built 433,000 vehicles but delivered only 387,000. That’s not only down from 484,507 cars it delivered in the final three months of 2023 but also down from the sales of 422,875 vehicles in the first quarter of last year.Tesla has responded to the increase in competition by cutting prices.

But while it is more profitable than traditional automakers, the cuts in pricing have been squeezing those profit margins that helped support the stock. The expectation of future sales growth was another factor that had been supporting its lofty stock price, which made it the world’s most valuable automake

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