Tesla’s 2024 Annual Deliveries Drop for the First Time in Over a Decade
Tesla reported a surprising drop in annual vehicle shipments for 2024. For the first time in more than a decade, the company saw a 1% drop in total shipments compared to the previous year. In the fourth quarter, Tesla delivered 506,763 vehicles, beating analysts’ expectations of 504,770, but that wasn’t enough to offset the decline in overall annual sales, which fell to about 1.8 million vehicles.
The drop in shipments is largely attributed to factors such as increased competition in key markets such as China and Europe, as well as the effects of Tesla’s aggressive price cuts, which may have affected consumer confidence. As a result, Tesla shares fell more than 3%, although they have since rebounded slightly.
Despite these challenges, analysts remain optimistic about Tesla's future, especially with the upcoming launch of the Cybertruck and its continued expansion into new markets. Investors are watching closely to see how Tesla will adapt to these changes and regain its growth momentum.
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