Tesla kicked off 2026 with its weakest quarterly deliveries in a year, missing Wall Street expectations as fading U.S. incentives and intensifying global competition strain its core electric vehicle business. Shares of the Elon Musk-led company fell more than 4%, after losing about 15% so far this year. The figures also pointed to a growing imbalance between output and demand. Tesla produced 50,363 more vehicles than it delivered during the quarter, the widest gap in at least four years, signaling a build-up in unsold inventory.