Tesla Sales Drop as Demand Slows for Aging Lineup Despite Price Cuts Amid Fiercer Electric Vehicle Competition

Tesla's sales decline for the first time in years, with Q1 2024 shipments down 20% vs last quarter and 8.5% vs Q1 last year
Tesla produced 47,000 more cars than it sold, suggesting slowing demand is the issue rather than supply constraints
Tesla's lineup is aging and needs new products, while competition in the EV market grows fiercer
Factors hurting Tesla sales include loss of tax credits, high interest rates, Elon Musk's controversies, and rivalry from Chinese automakers
Tesla has cut prices and boosted advertising to try to stimulate demand, but execution issues remain as it transitions from high-growth startup to mature automaker