Tesla posted a decline in deliveries in the first quarter for the first time in almost four years. Between January and March, the car manufacturer said it delivered 386,810 of its electric cars. In the first quarter of the previous year there were 423,000 vehicles.

Analysts had previously forecast an increase to around 449,000 deliveries on average. The company’s shares temporarily fell by more than five percent in US trading.

Tesla is struggling with growing competition from industry newcomers such as smartphone manufacturer Xiaomi in China, but also the growing range of electric cars from traditional car manufacturers. At the same time, demand for electric cars is weakening worldwide due to high interest rates.

In the past few months, Tesla also had to temporarily suspend production in Grünheide near Berlin due to delivery bottlenecks for components and after an attack on the factory’s power supply.

This article will continue to be updated.