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.
U.S. special envoys Jared Kushner and Steve Witkoff have held talks with Ukrainian President Volodymyr Zelenskyy in Kyiv on Sunday on efforts to en...
Iran has warned it will retaliate against any future U.S. attacks, saying American energy interests and infrastructure across the Gulf could become...
Baku Climate Action Week (BCAW) 2026 has begun in Azerbaijan’s capital, bringing together government representatives, business leaders, inves...
An eruption of Indonesia’s Mount Anak Krakatau has disrupted air travel, school activities and fishing operations, with hundreds of passengers stranded at Jakarta’s main airport on Sunday.
At least five people were killed and five others injured when an Amazon Prime Air cargo plane overran a runway and crashed while landing at Miami International Airport on Sunday, 6 September, local officials said.
Iranian Parliament Speaker Mohammad Bagher Ghalibaf said on Sunday that the United States must recognise that the “rules of the game” in its war against Iran had changed “before it is too late”, a day after Washington struck several Iranian tankers in the Gulf.
Two Greek military pilots were killed on Saturday when an F-4 Phantom fighter jet crashed during an air show at Tanagra air base, north of Athens, officials said.
U.S. special envoys Jared Kushner and Steve Witkoff have held talks with Ukrainian President Volodymyr Zelenskyy in Kyiv on Sunday on efforts to end Russia’s war in Ukraine.
Volkswagen’s supervisory board has approved a major overhaul aimed at cutting 100,000 jobs by 2030 as the German carmaker battles weaker sales, falling profits and intensifying global competition.
Chinese Premier Li Qiang has called on American companies to expand their presence in China and pledged that Beijing would address their "reasonable concerns," as China looks to stabilise trade ties with Washington ahead of President Xi Jinping's planned visit to the U.S. later this month
Apple is entering a new era as Tim Cook steps down as chief executive after 15 years at the helm, handing the technology giant's leadership to longtime executive John Ternus.
Volkswagen is heading towards a decisive showdown with labour representatives as Germany's largest carmaker weighs sweeping restructuring measures that could lead to factory closures and tens of thousands of job losses.
Online fast-fashion retailer Shein is seeking to raise up to $1.77 billion in a Hong Kong IPO after its valuation fell around 70 per cent from its private-market peak four years ago.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment