Tesla reported its first annual vehicle deliveries decline in at least nine years, despite an increase in annual vehicle deliveries in the fourth quarter of 2024.
A company based in Austin, Texas said On Thursday, it announced that it had delivered 1,789,226 vehicles worldwide in 2024, which is slightly lower than the 1,808,581 vehicles delivered in 2023. According to Go to the company's press release.
In the fourth quarter of 2024, Tesla delivered 495,570 vehicles, which is a better performance than the last three months of 2023, when it delivered 484,507 vehicles.
The company said Thursday that while the fourth quarter of 2024 was its strongest in terms of both deliveries and deployments, it was not enough to overcome the lower numbers it recorded in the first few months of 2024.
Tesla also said it delivered 471,930 Model 3s and Model Ys in the final quarter of last year. Additionally, 23,640 other models including the Cybertruck, Model S, and Model X were delivered.
Although the company's stock price fell nearly 6% on Thursday afternoon, Tesla shares have been rising since President-elect Trump defeated Vice President Harris in the November 2024 presidential election.
Tesla CEO Elon Musk has been one of President Trump's most vocal and ardent supporters. The tech billionaire spent at least $250 million to help get Republican candidates elected a second time.
After the election, President Trump selected Musk, along with fellow billionaire Vivek Ramaswamy, to lead the newly created Department of Government Efficiency (DOGE), which is said to be focused on cutting government spending.
Tesla's decline in deliveries comes as the EV giant faces increased competition from Chinese and European automakers offering consumers more choice in the marketplace.
Chinese automaker BYD is seeing rapid sales of its products around the world. sale 176 million EV cars in 2024.
