Tesla’s sales fell year-over-year for the first time

Tesla’s manufacturing and supply numbers for 2024 are out, and the numbers are fairly sobering.

The premiere EV firm in the US produced 1.77 million vehicles this yr, a drop of about 4 p.c in comparison with the earlier yr, and delivered 1.79 million automobiles this yr, or about 1 p.c lower than 2023. Tesla additionally deployed 31.4 GWh in power storage.

That stated, the firm stated it had a “record” fourth quarter for deliveries, with 495,570 automobiles making their strategy to clients. Tesla additionally stated it deployed 11 GWh of power storage merchandise, which it additionally stated was a file. And it produced 459,445 automobiles, most of which have been Model 3s and Ys.

But the late yr rally wasn’t sufficient to convey the firm’s full-year numbers in keeping with 2023. And certainly, Tesla CEO Elon Musk had warned at the starting of the yr that elevated competitors and decreased demand for the firm’s getting older lineup of automobiles was going to be an total drag on its efficiency in 2024. Not even the relative recognition of the Cybertruck, which started deliveries late final yr, was sufficient to raise Tesla’s fortunes for the yr.

And regardless of setting data for deliveries and power deployment for This fall, the firm nonetheless got here in beneath Wall Street’s expectations of 504,800 automobiles delivered, in accordance with Wedbush’s Dan Ives. Tesla’s inventory worth was down about 5 p.c on the gloomy information.

It’s unclear how Tesla will navigate the new atmosphere after Donald Trump resumes the presidency. Much has been stated about Musk and Trump’s burgeoning alliance, however the incoming president is prone to eradicate loads of the incentives that helped make Tesla automobiles extra inexpensive to shoppers, together with a $7,500 tax credit score on new EVs.

Musk has stated {that a} extra inexpensive Tesla is on deck for 2025, and a totally autonomous Cybercab for 2026 — although each tasks face loads of hurdles. And in fact, China looms over all the things, as the nation’s surging home EV manufacturing continues to place stress on US producers who do enterprise there. China is Tesla’s largest and most vital market, and the firm is constant to lose market share to BYD and different main gamers.