German automaker Mercedes-Benz has reported its first-quarter sales results for 2023, revealing a considerable drop in key markets like China and Europe. Total vehicle and van deliveries declined by 7% year-over-year, down to 529,200 units from 568,400 units last year. This decline stems from weakening demand amid global economic uncertainties, alongside intensified competition in the electric vehicle (EV) market.

Tesla has long been synonymous with innovation and leadership in the electric vehicle (EV) market. However, recent challenges have led the company to report a decline in sales for the first time in years. CEO Elon Musk assured stakeholders that 2024 will be a turning point and that Tesla will soon return to robust growth. Yet, the realities of market competition and shifting public perception cast doubt on this optimistic forecast.