Tesla deliveries drop 8.5 percent year over year in first decline since 2020

Tesla reported a decline in vehicle deliveries for the first quarter of 2024, marking the first year-over-year decrease in nearly four years. The company delivered 386,810 vehicles worldwide during this period, falling short of even the most bearish Wall Street expectations. This decline comes as Tesla faces increasing competition and weaker demand, despite price cuts implemented by the company. In Q1 2023, Tesla produced 433,371 vehicles, representing a year-over-year decrease of 1.7 percent. The stock price for Tesla has dropped over 5 percent on this news and has fallen over 33 percent in 2024. In comparison, Tesla produced 440,808 cars in Q1 2020 and delivered 422,875.