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Tesla sales plunge far more than expected

New York CNN  —  Tesla posted its first year-over-year drop in sales since the first year of the pandemic, as increased electric vehicle competition from Chinese and Western automakers ate into demand. The company reported it built 433,000 vehicles but delivered only 387,000. That’s not only down from 484,507 cars it delivered in the final three months of 2023 but also down from the sales of 422,875 vehicles in the first quarter of last year. Shares of Tesla, which had already lost nearly 30% of their value so far this year, were down 7% in premarket trading on the report.