Historical Decline: Tesla Sales Decreased for the First Time in Over a Decade.

Tesla Electric Vehicle Sales Decreased in 2024

Tesla sold 1.79 million electric vehicles last year, fewer than in 2023 and below analysts' forecasts. This marked the first decline in sales volume in more than a decade, despite positive trends at the end of the year.

'These results serve as a reminder of the real challenges facing electric vehicle manufacturers. Even with significant excitement around self-driving cars and Musk's connection to Trump, which contributed to Tesla's stock growth in recent months, consumer demand remains low, and this issue may worsen due to Trump's desire to limit subsidies for electric cars,' Bloomberg agency reported, according to Economic Truth.

Following the release of these results, Tesla's stock fell by 5.8%. Overall, throughout 2024, the company's shares rose by 63%.

For the fourth quarter ending December 31, Tesla delivered 495,570 cars, falling short of analysts' forecasts of 512,277 vehicles. To ensure a 'slight' annual growth, the company needed to sell nearly 515,000 vehicles in the fourth quarter.

In 2024, Tesla faced several setbacks, such as a fire at its factory in Berlin, delays in deliveries, and a general slowdown in electric vehicle sales across the industry, Bloomberg reports.

During Tesla's latest investor call, Elon Musk announced a projected company growth of 20-30% in 2025, partly due to the introduction of a more affordable vehicle model planned for the first half of the year, as well as thanks to the company's autonomous technologies.

Meanwhile, Chinese competitor BYD sold 4.25 million electric and hybrid models last year, narrowing the gap with Tesla as the leading electric vehicle manufacturer.