Tesla Inc. reported its first annual sales decline, with deliveries of 1,789,226 vehicles worldwide in 2024, a slight decrease from 1,808,581 in 2023. The company’s shares fell 6% on Thursday as rival electric vehicle manufacturers, including BYD, General Motors, and Volkswagen, increased their offerings to attract more buyers.
Tesla’s dominance in the US market remains strong, with nearly half of all electric cars sold in the country. However, carmakers are challenging Tesla’s leadership with models that have newer designs and lower prices. BYD, for example, has nearly caught up to Tesla as the world leader in sales of purely battery-powered cars.
Wall Street analysts had expected a slight increase in Tesla’s sales, but investors seem indifferent to the numbers, focusing instead on the company’s efforts to develop autonomous driving technology and its plans for expanding affordable electric vehicles. Despite this, Tesla’s shares have risen steadily since early November due to hopes that President-elect Donald J. Trump will remove regulatory obstacles to self-driving cars.
Tesla’s battery storage sales surged 60% from the third quarter, with the ability to store 11 gigawatt-hours of energy. The company plans to begin selling a car in 2025 for as little as $25,000, but it has not provided details on its product yet.
Source: https://www.nytimes.com/2025/01/02/business/tesla-sales-elon-musk.html