Decline in volumes was partially due to the early phase of the production ramp of the updated Model 3 at our Fremont factory and factory shutdowns resulting from shipping diversions caused by the Red Sea conflict and an arson attack at Gigafactory Berlin.
Tesla's first year-over-year decline in quarterly deliveries since 2020, missing Wall Street's expectations and stoking further concern about the company's growth prospects this year.
Tesla faces increased competition in the electric vehicle market, with slowing market growth and automakers like Ford and GM recalibrating their plans due to consumer enthusiasm for EVs being lower than expected.
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