Tesla's 2024 deliveries dropped 1.1%, missing estimates. Aging models, competition, and high costs weigh on sales, despite China growth and Cybertruck's debut. Shares fell 6%.
Tesla reported its first annual drop in deliveries, falling 1.1% to 1.79 million in 2024, below analyst estimates of 1.806 million.
Despite offering incentives like interest-free financing and free fast charging, high borrowing costs, reduced European EV subsidies, and increased competition—especially from China's BYD—impacted sales. BYD's battery-electric vehicle sales rose 12.1% to 1.76 million, narrowing the gap with Tesla.
Deliveries of Tesla's Model 3 and Model Y reached 471,930 in Q4, with 23,640 units from other models, including the new Cybertruck. However, overall Q4 deliveries of 495,570 missed estimates of 503,269. Production fell 7% year-over-year.
Tesla saw record sales in China, rising 8.8% to over 657,000 vehicles, but European registrations dropped 24% due to competition from Volkswagen's Skoda Enyaq. Analysts noted that Tesla's aging lineup might be nearing saturation, with the Cybertruck showing weaker-than-expected demand.
CEO Elon Musk plans to pivot towards self-driving taxis to drive future growth but faces regulatory hurdles and technological delays.
Analysts caution Tesla must rely on cheaper models and Cybertruck success to achieve its ambitious 2025 growth targets.
Tesla shares fell 6% following the report, despite a 60% rise in 2024, bolstered by Musk's support for President-elect Donald Trump. Proposed policy changes, including ending EV tax credits, may further challenge Tesla's U.S. market.
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