Tesla Sales Stall As China’s BYD Closes In

UNITED STATES – Shares of Tesla fell more than seven percent on Thursday morning after it reported its first decline in annual deliveries.

Incentives failed to boost demand for its aging line-up of models.

Ceo Elon Musk expected promotions including zero-interest financing to power a “slight growth” in deliveries in 2024.

Reduced European subsidies, a shift in the U.S. toward lower-priced hybrid vehicles and tougher competition from China’s BYD have pressured Tesla.

In response, Musk pivoted Tesla to self-driving taxis and backed President-elect Donald trump with millions of dollars in campaign donations in hopes that it could bring regulatory relief for the company.