Tesla shares lose $79 billion in a single day

Tesla shares fell 6% on Thursday to close at a four-week low, wiping $79 billion off its market value in a single day.

The losses came after the company reported its first annual decline in deliveries, as incentives failed to stem a slide in demand for its aging lineup of electric vehicles.

The company sold 1.789 million vehicles last year, slightly below the 1.808 million it expects for 2023 and also below expectations of 1.793 million vehicles.