Tesla reports lower 2024 auto deliveries, missing forecast

AFP | New York

Email : editor@newsofbahrain.com

Tesla reported a dip in fullyear auto sales Thursday, missing a company forecast in a sign of rising electric vehicle competition in China and other major markets.

Elon Musk’s EV company reported 495,570 fourth-quarter deliveries, taking the full-year total to just under 1.8 million vehicles.

This was about 1.1 percent less than the 2023 sales, even as Tesla said in October that it expected a “slight growth” in vehicle deliveries for the year. The figure caps a mixed 2024 for Tesla, a year in which Musk dove full-on into US electoral politics.

He helped to deliver the presidency to Republican Donald Trump through massive contributions and the amplification of anti-immigrant and other Trump rhetoric on Musk’s X platform, the former Twitter.

Tesla’s fourth- quarter sales rose from those in the prior-year period, but the increase was not enough to prevent a full-year decline from 2023.

Tesla has called the current period of moderating sales reflective of its position “between two major growth waves,” with the next period of volume increases due to advances in autonomy and the introduction of new vehicle products.

While 2024 saw an increase in road presence of Tesla’s futuristic Cybertruck, the company has faced pressure to roll out other new vehicles.

A heavily-touted October launch event in Los Angeles showing off Tesla’s autonomous robotaxi vehicles received mostly lackluster reviews.

Tesla has also faced increased competitive pressure from other auto producers, especially in China, which is home to electric car marker BYD.

BYD reported a surge in 2024 sales earlier Thursday. Shares of Tesla fell 4.3 percent in early trading. But the electric vehicle maker is up more than 55 percent since the November US election.