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 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:

Through September, new EV sales rose 7.2% to about 936,000 in the U.S., according to Motorintelligence.com. That’s slower growth than the 47% increase in 2023. But EV sales this year still are likely to surpass last year’s record of 1.19 million. Most other automakers will report full-year sales on Friday.

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

Tesla reported record fourth-quarter deliveries early Thursday, but the number came in below analyst expectations as the company failed to hit its target of annual vehicle unit growth compared to 2023.

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