Tesla global sales deliveries fell in 2024 compared to 2023, marking its first annual decline in over a decade. The Elon Musk company delivered 1.79 million vehicles last year, down ~1% from a year earlier.
The Model 3 and Model Y accounted for 95% of Tesla’s global sales.
The delivery shortfall came as Chinese competitor BYD reported a 12% rise in global EV sales, with 1.76 million units sold in 2024, almost on par with Tesla. Reduced European subsidies and a shift in the US toward lower-priced hybrid vehicles also hurt Tesla.
Tesla’s stock fell 6% on Thursday after the delivery report but is up 61% for the year, buoyed by a rally following the US election.
Investors remain optimistic about the EV maker’s advancements in self-driving technology and AI, according to Axios