Tesla sees first annual sales decline in a decade as Chinese rivals close in

Tesla's global deliveries dipped for the first time in a decade, reporting 1.79 million sales in 2024, which was below Wall Street's expectations.

Despite experiencing a 1.1% sales decline, the company faces increasing competition, particularly from BYD, which came close with 1.76 million electric vehicle sales in 2024.

Analyst Daniel Ives champions Tesla as a leading disruptive technology company, while caution arises from concerns about future discounting impacting sales and financial performance.

Almost all of Tesla's 2024 sales were from the Model 3 and Model Y, highlighting a shift towards more affordable offerings amid competitive pressures.

Read at Business Matters