Tesla 1Q sales fall nearly 9% as competition heats up and demand for electric vehicles slows

Tesla sales fell sharply last quarter as competition increased worldwide, electric vehicle sales growth slowed, and price cuts failed to draw more buyers. The Austin, Texas, company said it delivered 386,810 vehicles from January through March, almost 9% below the 423,000 it sold in the same quarter of last year. Sales also fell short of Wall Street expectations. Analysts polled by FactSet expected the company to deliver 457,000 vehicles. The slowing sales will make it difficult for the company to reach the annual growth rate of 50% per year that CEO Elon Musk has predicted in most years.