The shares dropped more than 6% to start a new year of trading after the company reported weaker-than-expected fourth-quarter deliveries.

After a monstrous stock rally following November’s presidential election, Tesla (TSLA) reported its first annual decline in electric vehicle delivery, highlighting the growing disconnect between its high-flying stock price and its core automobile business.

Shares of Tesla Inc. slid 6.08% to $379.28 Thursday, on what proved to be an all-around grim trading session for the stock market, with the NASDAQ Composite Index falling 0.16% to 19,280.79 and Dow Jones Industrial Average falling 0.

Tesla slumped after it disclosed it delivered fewer vehicles in the last three months of 2024 than analysts expected. The electric-vehicle company’s stock fell 6.2%. Some Big Tech stocks, which have been leading Wall Street for most of the last few years,