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Tesla Reports 1.1% Annual Sales Drop; Shares Fall Over 5% in First Decline Since 2011

Jan 2, 2025, 04:45 PM

Tesla Inc.’s annual vehicle sales declined in 2024 for the first time since 2011, signaling increased competition in the electric vehicle market. The company delivered 1.789 million vehicles worldwide in 2024, a 1.1% drop from the 1.81 million units sold in 2023. Fourth-quarter deliveries reached a record 495,570 vehicles, but this was insufficient to offset the annual decline. Tesla shares fell over 5% following the announcement. The sales drop comes amid rising competition from rivals such as China’s BYD and Volkswagen, suggesting challenges in reaching new buyers.