Tesla’s sales fell year-over-year for the first time

Tesla’s accumulation and transportation numbers for 2024 are out, and the numbers are beauteous sobering.

The premiere EV institution successful the US produced 1.77 cardinal cars this year, a driblet of astir 4 percent compared to the erstwhile year, and delivered 1.79 cardinal vehicles this year, oregon astir 1 percent little than 2023. Tesla besides deployed 31.4 GWh successful vigor storage.

That said, the institution said it had a “record” 4th fourth for deliveries, with 495,570 vehicles making their mode to customers. Tesla besides said it deployed 11 GWh of vigor retention products, which it besides said was a record. And it produced 459,445 vehicles, astir of which were Model 3s and Ys.

But the precocious twelvemonth rally wasn’t capable to bring the company’s full-year numbers successful enactment with 2023. And indeed, Tesla CEO Elon Musk had warned astatine the opening of the year that accrued contention and reduced request for the company’s aging lineup of vehicles was going to beryllium an wide resistance connected its show successful 2024. Not adjacent the relative popularity of the Cybertruck, which began deliveries precocious past year, was capable to assistance Tesla’s fortunes for the year.

And contempt mounting records for deliveries and vigor deployment for Q4, the institution inactive came successful beneath Wall Street’s expectations of 504,800 vehicles delivered, according to Wedbush’s Dan Ives. Tesla’s banal terms was down astir 5 percent connected the gloomy news.

It’s unclear however Tesla volition navigate the caller situation aft Donald Trump resumes the presidency. Much has been said astir Musk and Trump’s burgeoning alliance, but the incoming president is apt to eliminate a batch of the incentives that helped marque Tesla vehicles much affordable to consumers, including a $7,500 taxation recognition connected caller EVs.

Musk has said that a much affordable Tesla is connected platform for 2025, and a afloat autonomous Cybercab for 2026 — though some projects look a batch of hurdles. And of course, China looms implicit everything, arsenic the country’s surging home EV accumulation continues to enactment unit connected US manufacturers who bash concern there. China is Tesla’s largest and astir important market, and the institution is continuing to suffer marketplace stock to BYD and different large players.