Tesla has experienced its first decline in vehicle sales in ten years with 1.79 million vehicles in 2024, a 1.1% decline year on year.
This downturn occurs amidst increasing competition, particularly from Chinese rival BYD, which has seen its electric vehicle (EV) sales increase significantly.
In contrast to Tesla’s performance, BYD sales reached 1.76 million units, up by 12.1% year on year.
Tesla reported that it had delivered 495,570 vehicles in the most recent period, also falling short of the anticipated 503,269 units.
The production numbers highlighted a worrying trend, with a seven per cent decrease year-on-year, amounting to 459,445 vehicles manufactured.
The delivery breakdown indicated that 471,930 units consisted predominantly of the Model 3 and Model Y, while 23,640 units included other models, such as the Model S sedan, the recently launched Cybertruck, and the Model X premium SUV.
The electric vehicle market in Europe is witnessing shifting consumer preferences, with customers increasingly gravitating towards lower-priced hybrid options.
Tesla remains the leading all-electric vehicle manufacturer in the UK, despite these challenges.
Separately Tesla is currently undergoing scrutiny related to a tragic incident in Las Vegas.
A Cybertruck exploded near the Trump Hotel, resulting in the death of the driver, identified as US Army veteran Matthew Livelsberger, and injuries to seven others.
This incident occurred a day before the company’s sales figures were published. Elon Musk addressed the explosion on the social media platform X, saying
“We have now confirmed that the explosion was caused by very large fireworks and/or a bomb carried in the bed of the rented Cybertruck and is unrelated to the vehicle itself.” The FBI is currently conducting an investigation into the circumstances surrounding the explosion.
Source: Noah Wire Services
