Tesla Deliveries Plunge as Demand Slows, Competition Rises

• Tesla delivered only 386,810 vehicles in Q1 2024, far below expectations and an 8.5% decline year-over-year • Used Tesla prices have plummeted 53% from their peak, signaling weakening demand • Tesla faces a tough trade-off between selling more cars at lower prices or fewer cars at higher margins • Competition is intensifying, with China's BYD surpassing Tesla in EV sales in late 2023 • Tesla stock trades at a 53 P/E, far above tech sector average, suggesting potential for further decline