12 sources·Business

Tesla Faces First Annual Sales Decline in Nearly a Decade Despite Strong Q4 Performance

Tesla reports a 1.1% decline in 2024 global sales, driven by increased competition and changing consumer demand, despite achieving record Q4 deliveries.

75%

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Updated: Jan 2nd, 2025, 7:44 PM ET

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Tesla announced a 1.1% decline in global sales for 2024, marking its first annual drop since 2011. The company delivered approximately 1.79 million vehicles, down from 1.81 million in 2023. A record 495,570 cars were delivered in Q4, but the overall figure fell short of expectations. Contributing factors include intensified competition, an aging vehicle lineup, and shifts in consumer preferences. CEO Elon Musk remains optimistic for 2025, anticipating a 20-30% growth, bolstered by expectations for new product offerings.

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