Tesla reported its first drop in annual deliveries in at least nine years, despite an increase in its numbers during the fourth quarter of 2024.
The company, based in Austin, Texas, said Thursday it delivered 1,789,226 vehicles globally in 2024, a slightly lower figure than the 1,808,581 vehicles it delivered in 2023, according to the company’s press release.
In the fourth quarter of 2024, Tesla delivered 495,570 vehicles, a stronger performance than in the last three months of 2023, when it delivered 484,507 vehicles.
On Thursday, the company said the fourth quarter of 2024 was its strongest for both deliveries and deployments, but not enough to overcome the lower numbers it posted in the early months of the year.
Tesla also said it delivered 471,930 Model 3 and Model Y vehicles in the final quarter of last year. Additionally, it handed over 23,640 units of other models, including the Cybertruck, Model S and Model X.
The company stock was down nearly 6 percent Thursday afternoon, though it has soared since President-elect Trump’s election win.
Tesla CEO Elon Musk was one of Trump’s most vocal and ardent backers. The tech billionaire spent at least $250 million to help elect the Republican candidate for the second time.
Following the election, Trump selected Musk, alongside another billionaire, Vivek Ramaswamy, to anchor the newly-created “Department of Government Efficiency,” which will focus on cutting government spending.
Tesla’s decline in deliveries comes as it has faced increased competition in the space with automakers in China and Europe offering consumers more options on the market.
BYD, a Chinese automaker, has seen a surge in sales of its units globally, including selling 1.76 million EV vehicles in 2024.
