Tesla Inc. experienced its first decline in annual unit sales, dropping by 1.1% to 1,189,226, highlighting a concerning trend of low demand for EVs in the U.S.
Despite the sales drop affecting his net worth, Elon Musk's position remains robust, with a net worth still valued at $415 billion, far exceeding competitors.
Tesla faces competition in the U.S. EV market, compounded by consumer concerns over charging infrastructure and high vehicle prices, although its presence in China remains strong.
Investors continue to view Tesla primarily as an AI play, banking on the promise of full vehicle autonomy, which fuels the company's significant market valuation.
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