Yesterday’s news was no joke for Tesla investors — those dismal delivery numbers are real. TeslaTSLA

reported that first-quarter delivery numbers fell 20% from the previous quarter, significantly below the 449K analysts expected. Despite Tesla’s warning in January of “notably lower” deliveries compared to 2023, the extent of the decline surprised many. After its latest blow, Tesla’s value dropped by a third this year.

• Deepwater Asset Management’s managing partner described the situation to Bloomberg as “ugly,” questioning whether Elon’s brand is hurting Tesla.
• Tesla faced disruptions at several manufacturing plants, and declining electric vehicle (EV) demand worsened as interest rates rose and consumer spending tightened.

Low battery warning: Even Chinese EV maker BYDBYDDF

, which briefly surpassed Tesla as the world’s largest EV seller last year, reported a 43% drop in sales in its first quarter. Last month, BYD slashed prices on over 100 models, intensifying the competition in the global EV market — a battle that Tesla started and is losing as sales struggle to keep pace with analysts’ expectations.