Tesla's first quarter deliveries fell short of estimates, causing a decline in shares and raising concerns about electric-vehicle demand. The company produced over 433,000 vehicles, down 12% from the previous quarter, and delivered 387,000, down 20%.
Analysts had expected over 400,000 deliveries. Tesla's stock has dropped over 30% this year. Competition from U.S. automakers and Chinese EV makers, along with a preference for gas-powered vehicles, are contributing to the decline in EV demand.