Despite achieving record deliveries in the last quarter of 2024, Tesla's annual sales fell for the first time in its history, illustrating rising competition.
Tesla delivered 1,789,226 EVs in 2024, a decline from 1,808,581 in 2023, reflecting a 20,000 unit shortfall from analyst expectations and weaker market performance.
As new competitors entered the U.S. EV market, Tesla's market share slipped below 50% for the first time in six years, indicating increased industry pressures.
Analysts predict Tesla must diversify its product range and reach new price points to regain its growth momentum in the increasingly competitive EV landscape.
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