Tesla reports first decline in deliveries amid competition

Tesla reported its first annual decline in vehicle deliveries, with 1,789,226 vehicles delivered in 2024, down from 1.81 million in 2023.

In Q4, the company delivered 495,570 vehicles, while production reached 459,445 units. Analysts had expected deliveries to exceed 500,000 for the quarter.

The news caused Tesla’s stock price to drop up to 7% during Thursday’s trading.

Despite this, the company closed 2024 with a 63% increase in its stock value.

Tesla faces increasing competition, particularly from Hyundai and China’s BYD, as well as General Motors, Ford, Rivian, BMW and Volkswagen.

Recent Tesla developments

Timeline
01-Jan-2025 ⚡ Tesla’s Megapack factory in Shanghai begins trial production Tesla’s Megafactory in Shanghai starts trial production Mass production of Megapacks set for Q1 2025
21-Dec-2024 🚗 Tesla recalls almost 700k vehicles in US Tesla recalls 694,304 vehicles for TPMS issue Fix will be done via over-the-air software update
20-Dec-2024 📉 Tesla stock drops 5% amid sales slump, delays Tesla shares fall 5% amid sales decline EV sales in EU drop 40.9% last November
20-Dec-2024 🔄 Tesla’s China factory head Song Gang resigns Song Gang resigns as Tesla Shanghai manager Fei Wenjin to temporarily take over his duties
19-Dec-2024 📉 Tesla shares fall 8%, largest drop since November

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