Tesla Deliveries Drop 18% in 2022 as EV Competition Eats into Sales

• Tesla posted its first annual drop in sales since 2020, with deliveries down 18% from the previous quarter to 387,000 vehicles • Increased EV competition from Chinese and Western automakers is eating into Tesla's demand • Tesla has cut prices in response, squeezing profit margins that had supported its stock price • The sales decline was partially attributed to production issues and a factory closure, but competition is seen as the main factor • Tesla reclaimed the top spot for global EV sales from BYD, though BYD's sales were up 13% year-over-year while Tesla's fell