Tesla's stock price plunged 12% on Thursday, wiping out $80 billion in market value after the company warned of slowing electric vehicle sales growth and cited intensifying competition from Chinese rivals. For the fourth quarter of 2023, Tesla's adjusted earnings per share fell 40% year-over-year, and revenue growth was just 3%, below analyst forecasts. Tesla said its sales growth in 2024 "may be notably lower" than in 2023 as it focuses on developing new vehicles, having previously targeted 50% annual growth on average.