Tesla’s annual deliveries fell for the first time in nearly a decade, even though its end-of-year numbers ticked up in the last quarter.
Key Facts:
– Tesla delivered about 1.79 million vehicles in 2024.
– This is slightly below the 1.80 million figure from 2023.
– Fourth-quarter deliveries reached nearly 496,000 units.
– CEO Elon Musk remains a key supporter of President-elect Trump.
– Competition from BYD and other automakers is squeezing Tesla’s market share.
The Rest of The Story:
Tesla, headquartered in Austin, Texas, has long been known for steady growth. Yet the company is now seeing an annual decline in deliveries for the first time in nine years.
While Tesla did post a strong showing in the last quarter of 2024, it was not enough to overcome lower sales from earlier periods.
According to Tesla’s latest update, the Model 3 and Model Y remained the most popular, with nearly 472,000 combined deliveries in the final quarter.
The Cybertruck and other premium models also contributed, but not in large enough numbers to push overall yearly figures higher.
The company faces intensifying competition in both the United States and China, the world’s largest EV market.
Chinese automaker BYD had a notable 2024, moving roughly 1.76 million electric vehicles.
Aggressive rivals, new EV startups, and more traditional carmakers are all vying for a slice of the EV market, pressuring Tesla’s once-dominant position.
Elon Musk, who gained even more attention for actively supporting President-elect Trump, has seen Tesla’s stock fluctuate amid global economic uncertainty.
Though Tesla’s share price climbed significantly after the election, it dropped sharply by about 6 percent on Thursday.
Musk’s new role as co-leader of the Department of Government Efficiency could also spotlight him in policy debates that may affect his business.
For now, Tesla leadership is optimistic that new products, including ramped-up Cybertruck production, will propel future growth.
Investors and analysts, however, will watch carefully to see if brand loyalty and technological leadership can keep Tesla ahead in an increasingly crowded EV market.
$TSLA DELIVERIES DROP
Tesla's stock moved sharply lower with the release of its Q4 2024 delivery numbers. The company delivered 495,570 vehicles last quarter, leading its 2024 deliveries to drop on a year-over-year basis for the first time in its history. Here's a deeper look at… pic.twitter.com/VE5evIwGA9
— TraderTV Research (@ttvresearch) January 2, 2025
The Bottom Line:
Tesla’s dip in year-over-year deliveries underlines the emergence of strong rivals and changing market conditions.
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While Musk’s public profile remains high, the company must address new competition to hold onto its pioneering status in electric vehicles.
The coming year may reveal whether Tesla can regain its growth momentum or if this decline signals a longer-term trend.