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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Investment firm Azoria Partners announced it would delay the launch of its Tesla ETF following Elon Musk's declaration of forming a new U.S. political party.
Posting on X on Saturday evening, Musk wrote: “By a factor of 2 to 1, you want a new political party and you shall have it! Today, the America Party is formed to give you back your freedom.”
Tesla’s new car registrations plunged sharply in June, dropping 64.4% in Sweden and 61.6% in Denmark compared to last year, highlighting growing challenges for the U.S. electric vehicle maker in these Nordic markets.
Billionaire Elon Musk has vowed to form a new political party if Donald Trump’s massive spending bill is passed by Congress, slamming it as evidence of a “one-party country.”
A magnitude 5.5 earthquake struck off Japan’s Tokara Islands on Wednesday, with no tsunami warning issued but residents advised to remain vigilant.
The United States has rescinded licensing restrictions on ethane exports to China, allowing shipments to resume after a temporary halt and signalling progress in efforts to ease recent trade tensions.
Italy plans to grant approximately 500,000 work visas to non-EU nationals between 2026 and 2028, as announced in a cabinet statement. The initiative aims to address labor shortages by expanding legal immigration pathways
Following a deadly glacier collapse in Blatten, near the Swiss Alpine village of Kandersteg, the town is on high alert as melting permafrost and shifting rock threaten another potential disaster after it was buried a month ago.
China’s northern and western provinces are on high alert for flash floods and landslides as intense monsoon rains continue to overwhelm defences, killing at least seven and displacing communities across the country.
China's finance ministry announced on Sunday that it is imposing restrictions on imports of medical devices from the European Union valued over 45 million yuan ($6.3 million).
Investment firm Azoria Partners announced it would delay the launch of its Tesla ETF following Elon Musk's declaration of forming a new U.S. political party.
Ingram Micro INGM.N said on Saturday it recently identified ransomware on certain of its internal systems.
Microsoft is closing its direct operations in Pakistan after 25 years, shifting to a partner-led model to serve the market.
The European Union will drastically reduce imports of Ukrainian wheat and sugar, by up to 80%—to protect its farmers, a move expected to shift Ukraine's exports toward Asia and Africa.
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