Tesla delivered 1.79 million vehicles worldwide in 2024 – 1.1% fewer than in 2023. The figure marks the company’s first-ever annual sales drop, The New York Times reports.
Tesla commanded less than half the electric vehicle (EV) market for much of 2024, as more competitors released new electric cars than ever before. Tesla had controlled as much as 75% of the market in 2022.
The annual numbers come despite a strong end to the year. “Tesla’s global vehicle sales rose 2.3% in the final quarter of 2024 thanks to 0% financing, free charging and low-priced leases,” the AP reports.
Slowing sales of the high-profile Cybertruck hurt results. Electrek notes, “Tesla claimed to have over one million reservations for the truck,” but the company delivered just “an estimated 40,000 Cybertrucks before opening orders beyond the reservation program.”
The Cybertruck was briefly the best-selling vehicle of any kind priced over $100,000. But sales have slowed enough that the company is reportedly removing limited-edition badges from higher-priced Foundation Series trucks to sell them at lower prices.
The new year brings uncertain prospects for electric cars. President-elect Donald Trump has suggested he may end a federal program that provides a $7,500 rebate to EV buyers. He would need to convince Congress to do so.
Tesla has no significant new products publicly scheduled for 2025, though a low-volume $250,000 Roadster may appear after a years-long delay. A refreshed version of its best-selling Model Y could boost interest in that car.
An analyst report from outside the company recently speculated that a lower-priced “Model Q” may be in the works, but Tesla has not commented, and the automotive press has seen no signs of a new car in development.
