Tesla has reported its first annual sales decline since 2011, with a 1.1% drop from 2023.
The company delivered 495,570 vehicles in 2024’s fourth quarter, and 1.78 million vehicles in total that year. Tesla reported 1.81 million deliveries in 2023.
Tesla’s Q4 2024 deliveries surpassed 2023’s fourth quarter. “In the fourth quarter, we produced approximately 459,000 vehicles, delivered over 495,000 vehicles and deployed 11.0 GWh of energy storage products — a record for both deliveries and deployments,” Tesla said.
Estimates from FactSet projected Tesla’s Q4’s deliveries would reach 498,000 in 2024, however.
Tesla’s sales in 2023 increased by 37% over 2022.
Chinese manufacturer BYD is approaching Tesla in sales, and has overtaken it in revenue. BYD sold 1.76 million electric vehicles in 2024, the company said this week.
BYD reported US$28.2 billion in revenue in October, above Tesla’s $25.2 billion revenue that quarter.
Tesla will release its full Q4 financial results on 29 January.
Tesla’s (NASDAQ: TSLA) share price closed at US$379.28 today after reporting its sales numbers, a significant drop from its previous close at $403.84. Its market capitalisation is $1.22 trillion.