Tesla’s first annual delivery setback

Tesla recorded its first annual decline in vehicle deliveries since going public. It delivered approximately 1.8 million vehicles in 2024, around 1% fewer than in 2023, marking a change after years of rapid expansion.

The fourth-quarter figures

Tesla delivered 495,570 vehicles in the fourth quarter of 2024, about 2% more than a year earlier. BYD sold 595,413 battery-electric cars over the same period. Across the full year, however, Tesla remained ahead in battery-electric vehicle deliveries, by roughly 24,000 vehicles. That comparison concerns fully electric cars, rather than BYD’s combined electric and plug-in hybrid sales.

A marked change of pace

The contrast with Tesla’s earlier growth was striking. Deliveries had risen 37% in 2023 compared with 2022, following years in which the company was associated with rapid expansion and annual growth approaching 50%. Even a relatively small decline therefore signalled a change in the market and in Tesla’s growth trajectory.

Increasing competition

Tesla faced a broader and more competitive EV market. Chinese manufacturers such as BYD were expanding, while established carmakers including General Motors, Ford, Volkswagen, Hyundai and Kia were investing in electric vehicles alongside their combustion-engine ranges.

Tesla’s response

Tesla responded to softer demand with substantial price reductions, particularly in China and the United States. The article linked that flexibility to Tesla’s manufacturing economics, while other manufacturers were still working to reduce costs in their EV businesses.

A changing market

Despite Tesla’s slowdown, global electric-vehicle sales continued to grow, albeit at a more moderate pace than during earlier expansion. Investors reacted negatively to the delivery report: the article recorded an early decline of around 4% in Tesla shares. That followed a 68% gain across 2024, including a strong rally after the US election, associated with expectations surrounding the incoming Trump administration and Musk’s political involvement.

Outlook

The 2024 result marked a turning point after years of uninterrupted delivery growth. With competition increasing and the market evolving, Tesla’s response and the wider adoption of electric vehicles would shape the next stage of its business.

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