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Tesla’s first-quarter vehicle sales fell as EV market cools

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Tesla’s first-quarter vehicle sales fell as EV market cools

Tesla reported its first year-over-year decline in quarterly deliveries since 2020, delivering 386,810 vehicles globally in Q1 2024, down 8.5% from the previous year. This is the lowest quarterly performance for Tesla since Q3 2022. Despite the decline, Tesla regained its position as the world's top EV seller on a quarterly basis. However, the result highlights concerns about the broader electric-vehicle market, as growth slows and consumer enthusiasm for electric vehicles wanes. Tesla's stock fell about 6% in premarket trading and is down nearly 30% this year. The decline is partly attributed to production setbacks, including supply chain disruptions and an arson attack on the grid supplying power to the factory.

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