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Tesla's 2024 Sales Fall 1.1% to 1.79 Million, Marking First Annual Decline; Shares Drop Over 6%

Jan 2, 2025, 06:15 PM

Tesla's annual vehicle sales declined by 1.1% in 2024 to 1.79 million vehicles, marking the first annual decrease in over a decade. Despite a 2.3% increase in global sales in the fourth quarter, boosted by incentives such as 0% financing, free charging, and low-priced leases, the overall annual sales were insufficient to surpass the previous year's total of 1.81 million vehicles. The decline led to a drop in Tesla's stock price by over 6% during the first trading day of 2025. Industry analysts attribute the decrease to intensifying competition from rivals like China's BYD and a maturing electric vehicle market. Tesla remains the world's largest electric vehicle maker.