Tesla's first annual sales decline in over a decade occurred in 2024, with the only market seeing growth being China, where it delivered 657,000 units, up 8.8%.
Though Tesla remains strong in China, the trend towards local buying among Chinese consumers means that foreign brands like Tesla may lose further market share to domestic competitors.
BYD had an excellent year with 4.25 million passenger vehicles delivered and is on track to potentially surpass Tesla in sales, with its 1.76 million EVs aimed at narrowing the gap.
Tesla's sales in Europe experienced a decline of 13.7% due to reduced subsidies and the rise of competitive electric vehicles from talented Chinese and Korean manufacturers.
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