Tesla stock declines over 5% on sharp fall in Q1 sales, rival EV makers tumble

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Electric vehicle (Ev) maker Tesla Inc. stock declined more than 5 per cent on Tuesday on sharp fall in sales in March quarter..

Shares of the Elon Musk-led company were 5.3 per cent down at USD 165.98 at midday on Tuesday..

The company lost about USD 30 billion in market value..

Austin-based Tesla said that it delivered 386,810 vehicles worldwide from January through March, almost 9 per cent below the 423,000 it sold in the same quarter of last year..

Teslas sales dropped as competition increased worldwide, global electric vehicle sales growth slowed, and price cuts failed to lure new buyers..

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