Tesla shares drop after annual vehicle sales fall for first time in years
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The news: Tesla shares sank in New York after the world's most valuable carmaker reported a drop in global vehicle sales in 2024 — the first such decline in more than a decade.
The numbers: The company said in a statement that it delivered 1,789,226 vehicles in 2024, down from 1,808,581 in 2023.
In the fourth quarter it delivered 495,570 vehicles, an increase on the previous quarter but not enough to meet analyst estimates or deliver Tesla growth over the previous year.
Shares in the Elon Musk-led company fell 6.08% after the announcement.
The context: Tesla shares have soared since the re-election in early November of Donald Trump, who has maintained a close relationship with Musk.
But the company is facing industry-wide softness in EV demand as well as increased competition from Chinese rival BYD, which is close to overtaking Tesla as the world's top EV maker.
The source: Tesla media release
