Tesla sales declined for the first time in the company’s history last year, the company reported Thursday, reflecting what analysts said was a lack of new models in an increasingly competitive market for electric vehicles. Vehicle deliveries fell to 1.79 million, representing a drop of 1.1% from 1.81 million vehicles in 2023.

Tesla posted its first annual sales drop in more than a dozen years Thursday, sinking a stock that has soared since Donald Trump’s victory on optimism Elon Musk’s close relationship to the president-elect will help the company.

Tesla's increase in global sales in the fourth quarter was not enough to overcome a sluggish first half of the year.