"Elon Musk's automaker said on Friday that it sold 418,227electric vehicles in the fourth quarter, down by 15.6% from the same period in 2024. It means Tesla's annual sales have declined for the second consecutive year, and that Chinese rival BYD has surpassed Tesla for the first time in annual sales of battery-electric vehicles. Wall Street analysts were expecting the company to sell around 441,000 EVs, per data compiled by Bloomberg,"
"Tesla recorded its first-ever annual sales decline in 2024, after years of explosive growth. The latest figures suggest the company has been hit hard by the demise of the $7,500 tax credit for new EVs in September. The looming deadline saw US buyers race to snap up electric vehicles, driving record sales for Tesla and other automakers. Once the tax credit ended, however, EV sales dropped across the board, including at Tesla's rivals Ford, Hyundai, and Kia."
Tesla sold 418,227 electric vehicles in Q4, down 15.6% year-over-year, and delivered about 1.64 million vehicles for the year. Annual sales declined for a second consecutive year while BYD's battery-electric vehicle sales rose nearly 28% to 2.26 million, surpassing Tesla. Wall Street analysts had expected around 441,000 Q4 sales, and Tesla provided a more pessimistic internal consensus of 422,850 units. The end of the $7,500 US tax credit drove a pre-deadline buying surge, then a market-wide sales drop afterward. Tesla also faced intensifying competition in China and Europe despite cheaper Model 3 and Y variants and investor interest in robotaxi prospects.
Read at Business Insider
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