Tesla sales plunge far more than expected

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Tesla has responded to increased competition by cutting prices. Although Tesla is more profitable than traditional automakers, the price cuts have been squeezing the profit margins that helped boost the stock. Investors' expectations that the company would grow sales in the future had also been supporting Tesla's lofty stock price, which made it the world's most valuable automaker.

Analysts had been expecting sales of as many as 440,000 to as few as 414,000 vehicles, said Dan Ives, analyst with Wedbush Securities, who has been bullish on Tesla shares. While he said he remains bullish long-term, he called the quarter "a train wreck into a brick wall quarter."

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