Tesla’s annual vehicle sales dropped for the first time in more than a decade despite a year-end push that sent deliveries to a record in the fourth quarter.
The Elon Musk-led company sold 1.79 million vehicles last year, falling short of the 1.8 million it delivered in 2023 and below analysts’ consensus estimate of 1.8 million.
For the quarter ending December 31, Tesla delivered 495,570 vehicles, missing the projected 512,277 deliveries forecast by analysts.
Following the announcement, Tesla’s shares turned negative, dropping 1.9 percent as of 10:01 p.m.
This marks a pivotal moment for Tesla, as the company faces increasing competition in the electric vehicle market from both legacy automakers and newer entrants.
