Tesla reported producing 1,773,443 vehicles and delivering 1,789,226 vehicles globally in 2024. The company also deployed 31.4 GWh of energy storage over the year. In the fourth quarter alone, Tesla produced 459,445 vehicles, delivered 495,570 vehicles, and deployed 11 GWh of energy storage.
Despite achieving a record high for fourth-quarter deliveries, Tesla fell short of its annual sales target of 2 million vehicles. This marks the first year in over a decade that Tesla’s full-year sales have declined, missing analysts’ expectations of 1.8 million vehicles. The disappointing results caused Tesla’s stock to drop by more than 6% following the announcement, though it remains up 63% for the year.
CEO Elon Musk had predicted that 2024 sales would surpass 2023 levels, albeit with slower growth. However, Tesla struggled to meet this target. Analysts have pointed to the company’s failure to launch a more affordable electric vehicle in 2024 as a significant setback. Additionally, the newly launched Cybertruck has seen growing inventory in the used-car market, raising further concerns.
While enthusiasm around driverless cars and Musk’s close ties to President-elect Trump have recently boosted Tesla’s stock, the latest earnings report highlighted the real-world challenges facing the electric vehicle industry. Weak consumer demand has weighed on EV sales, a trend that may worsen as the Trump administration reduces electric vehicle incentives.
In response to increasing competition, Tesla has introduced various incentives to attract buyers, including promotions on financing, charging, and leasing. Looking ahead, the company plans to launch low-cost and self-driving models to broaden its market reach and strengthen its position in the industry.
Read More
For more on this, you can check out the links to these articles:
Tesla Plans to Launch Model Q Priced at $30,000 in 2025 https://www.icartea.com/en/news/tesla-plans-to-launch-model-q-priced-at-30-000-in-2025
New Tesla Model Y renderings: running light strips, split light clusters
Adrian is an Editor. Psychology graduate with over 4 years in the automotive industry, 3 in front of the camera. Occasionally seen at his family owned tyre shop. He will only buy cars that pass the big bottle test.
