Tesla reported its first fall in yearly deliveries on Thursday as lucrative year-end incentives for the Elon Musk-led electric vehicle maker's aging lineup and the new Cybertruck pickup failed to lure customers wary of high borrowing costs.

Not even the relative popularity of the Cybertruck, which began deliveries late last year, was enough to lift Tesla’s fortunes for the year. And despite setting records for deliveries and energy deployment for Q4,