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 Austin, Texas-based company said on Thursday that it delivered 1,789,226 vehicles around the world 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 2024.
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 on Thursday afternoon, though Tesla’s stock has soared since President-elect Trump’s win over Vice President Harris in the 2024 November presidential election.
Tesla’s 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 (DOGE) which is said to be focused on cutting government spending.
Tesla’s decline in deliveries comes as the EV giant 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.
