Categories: Business

Tesla’s annual EV sales decline for first time in over a decade

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.

GRUENHEIDE, GERMANY – MARCH 22: Tesla CEO Elon Musk speaks during the official opening of the new Tesla electric car manufacturing plant on March 22, 2022 near Gruenheide, Germany. The new plant, officially called the Gigafactory Berlin-Brandenburg, is producing the Model Y as well as electric car batteries. (Photo by Christian Marquardt – Pool/Getty Images)

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.

Herbert Bauernebel

Herbert Bauernebel has been reporting from New York since 1999 and currently works for Bild.de, OE24 TV, and US Live. He also runs the news portal AmerikaReport.de. Bauernebel has covered nearly all major US events of the past quarter-century, including 9/11, Hurricane Katrina, Barack Obama’s election, Donald Trump’s surprise victory, the pandemic, last year’s election showdown, as well as natural disasters such as hurricanes and oil spills. He has also reported firsthand on international events, including the Asian tsunami, the Haiti earthquake, and the Fukushima disaster. He lives in Brooklyn with his family and holds degrees in communication and political science from the University of Vienna. Bauernebel is the author of a book about his experiences on 9/11, And the Air Was Full of Ash: 9/11 – The Day That Changed My Life.

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