The U.S. stock market encountered its first major setback of 2025 when delivery numbers for Tesla Inc. missed analysts’ expectations, sending shares of the electric-vehicle maker sharply lower.
Tesla said shortly before the opening bell on Thursday that it had delivered more than 495,000 vehicles in the fourth quarter, and 1.704 million for all of 2024.
Those numbers fell slightly short of analysts’ estimates, while the delivery total for the calendar year was also slightly less than what the company reported in 2023.
As a result, Tesla shares were off by more than 5% in early trade, causing the Nasdaq and S&P 500 to erase most of their post-open pop. Recently, the Nasdaq was wavering between mild gains and losses.
A 2% drop in shares of Apple Inc. wasn’t helping the situation following reports that the company had offered iPhone discounts to Chinese consumers.