Tesla posted weaker-than-expected fourth-quarter deliveries, leading to the company’s first year-over-year sales decline.Shares were weak but investors soon will look past the deliveries figure. They are focused on a new model and self-driving cars in the new year.

The delivery figures are the first real piece of fundamental news for Tesla investors since the November election sparked a big rally for the stock.

Tesla shares sank Thursday morning after the electric vehicle maker reported fewer deliveries than analysts had expected for the fourth quarter.

Tesla stock took a dive in morning trading on Thursday after the company announced lower figures than expected for deliveries and fourth-quarter production.

Shares in Tesla fell more than 3% premarket, after Elon Musk's automaker reported its first annual decline in vehicle deliveries in more than a decade. Get the full story:

For the first time ever, the company realized a year-over-year decrease in the volume of EVs it shipped to customers. Shares declined by as much as 7.5% Thursday morning as a result. As of 11:15 a.m. ET today, the stock was still trading lower by 5.8%. That helped pause the late 2024 rally that led to a return of more than 62% last year.

Tesla Inc. said Thursday it delivered 495,570 vehicles in the fourth quarter and 1.789 million for all of 2024, falling slightly short of analyst estimates and lagging the year-earlier total.

Tesla shares moved lower in early Thursday trading after the electric-vehicle maker posted its first-ever annual delivery decline even as it shifted a record number of units over the final three months of the year.

After growing at least 35% every year from 2016 to 2023, Tesla’s year-over-year vehicle delivery growth slumped to -1% in 2024.