Tesla (NASDAQ: TSLA) was the world's largest electric vehicle (EV) company as measured by sales up until the final quarter of 2023. That's when China-based BYD snatched the title away. And growing competition is just the latest challenge the company faces.

Tesla stock trades down 33% in 2024 already, but it has been sliding since late 2021 and now sits 59% below its all-time high. Some analysts even question whether the company still belongs among the prestigious "Magnificent Seven."

But Tesla's woes are far from over. Dan Ives from Wedbush Securities warned investors to brace for "nightmare" results for the first quarter of 2024, ended March 31 -- and he's one of the most bullish voices on Wall Street. The company just released its Q1 delivery numbers, which were far worse than even the most negative forecast.

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Source Fool.com