Tesla saw its sales slump in the first quarter of 2024, the first year-over-year decline since the start of the pandemic.
Tesla saw its deliveries slump in the first quarter for the first annual drop since the start of the pandemic in 2020, missing analyst forecasts by a mile in a sign that even price cuts haven’t been able to stave off an increasingly heated competition on the EV market.
So far this year, Tesla’s shares have plunged by 33%, with the EV maker the second-worst performer in the S&P 500 index, per estimates by The Wall Street Journal. The sales drop could be a sign of weaker overall demand for EVs and a sign that Tesla now faces stiffer competition from both Chinese EV manufacturers and legacy automakers in the West.
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