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.
Elon Musk announced he will sharply reduce his involvement in the Trump administration’s Department of Government Efficiency starting next month, shifting focus back to Tesla amid mounting investor pressure and falling sales.
Elon Musk announced on Saturday that he plans to visit India later this year, following a discussion with Indian Prime Minister Narendra Modi about potential collaboration in technology and innovation.
Tech billionaire Elon Musk, CEO of Tesla, made direct appeals to U.S. President Donald Trump over the weekend to reverse newly imposed tariffs, according to a report from the Washington Post.
A jury trial in the lawsuit filed by billionaire Elon Musk against OpenAI will begin in spring 2026, as determined by U.S. District Judge Yvonne Gonzalez Rogers on Friday.
US Vice President JD Vance denied reports of Elon Musk leaving his government role, confirming he’ll remain an advisor. Vance also touched on efforts to cut government spending and the upcoming decision on TikTok’s future in the US.
Nine people are dead and 42 injured after Russian kamikaze drones slammed into the city of Marhanets in Ukraine’s Dnipropetrovsk Oblast early on 23 April, local officials said.
Three astronauts will head to China’s space station on Thursday as part of the Shenzhou-20 mission, replacing a crew that spent six months conducting research in orbit.
Ukraine is ready to negotiate but not to surrender, Ukraine's Deputy Prime Minister Yuliia Svyrydenko said on Wednesday as details emerged in media reports of a U.S. proposal for a deal which would see Ukraine give up almost all territory currently occupied by Russia.
The chief architect of China's lunar exploration programme has accused Washington of interfering in Beijing's space diplomacy efforts with international partners.
A powerful 6.2 magnitude earthquake struck Istanbul's Silivri district on Wednesday, according to Türkiye’s Disaster and Emergency Management Authority (AFAD).
The Holy Fire ceremony stands as one of Christianity's most enduring and mysterious rituals, drawing thousands of pilgrims to Jerusalem each year.
Pope Francis's relationship with Azerbaijan has evolved significantly over the years, characterized by diplomatic exchanges, promotion of religious tolerance, and peace advocacy in the Caucasus region.
Severe rainfall on April 17 led to flooding and landslides in the Piedmont region, prompting a large-scale emergency response from over 400 firefighters.
China has rolled out the world’s first 10-gigabit (10G) fixed broadband network in Xiong'an New Area, promising ultra-fast speeds and low latency through cutting-edge optical infrastructure.
Pope Francis, the first Latin American pope and a transformative figure in the Roman Catholic Church, has passed away at the age of 88, the Vatican confirmed in a video statement on Monday.
The global economy, already fragile, now faces a new shock—this time from the United States. President Donald Trump’s latest tariff wave has dragged average U.S. duties to levels unseen in over a century. The trade war with China is escalating fast.
Sam Altman has stepped down as chair of nuclear start-up Oklo, citing a potential conflict of interest ahead of talks with OpenAI over a future energy supply deal. The move comes as the pressure mounts to power artificial intelligence with stable, low-carbon energy sources.
Toyota has signed a $2 billion deal to build a wholly-owned electric vehicle plant in Shanghai, as the Japanese automaker strengthens its position in China’s growing EV market during heightened US-China trade tensions.
The IMF has lowered global and U.S. economic growth forecasts, citing Trump-era tariffs and rising uncertainty. Global growth is expected at 2.8% this year, while U.S. growth may slow to 1.8%, with heightened recession and inflation risks.
The 18th meeting of the Joint Commission on Economic Cooperation between Iran and Russia is scheduled to take place in Moscow from April 23 to 25. The event aims to strengthen bilateral collaboration across a wide range of sectors.
Nine people are dead and 42 injured after Russian kamikaze drones slammed into the city of Marhanets in Ukraine’s Dnipropetrovsk Oblast early on 23 April, local officials said.
Three astronauts will head to China’s space station on Thursday as part of the Shenzhou-20 mission, replacing a crew that spent six months conducting research in orbit.
Ukraine is ready to negotiate but not to surrender, Ukraine's Deputy Prime Minister Yuliia Svyrydenko said on Wednesday as details emerged in media reports of a U.S. proposal for a deal which would see Ukraine give up almost all territory currently occupied by Russia.
The chief architect of China's lunar exploration programme has accused Washington of interfering in Beijing's space diplomacy efforts with international partners.
A powerful 6.2 magnitude earthquake struck Istanbul's Silivri district on Wednesday, according to Türkiye’s Disaster and Emergency Management Authority (AFAD).
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