Tesla Shares Fell Nearly 9 Percent in First Quarter as Demands for EVs Slows

Tesla sales fell sharply in the first quarter, marking the automaker’s first year-over-year decline in quarterly deliveries since 2020 and fueling Wall Street’s concerns over the company’s growth expectations this year. The Elon Musk electric vehicle (EV) manufacturer on Tuesday said it delivered 386,810 vehicles from January through March, down 8.5 percent from the 423,000 it sold during the same period last year. FactSet analysts expected the Austin, Texas-based company to deliver 457,000 vehicles. The company’s news comes amid increased competition worldwide, slower electric vehicle demand, and lower prices that failed to attract more buyers. Tesla blamed its lower sales partly on phasing in its updated version of the Model 3 sedan at its factory in Fremont, California, plant shutdowns caused by shipping diversions in the Red Sea, and a suspected arson attack that knocked out power at its German factory....