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The electric vehicle company led by Elon Musk does not have the market alone. Investors are focusing on autonomous driving and new technologies.
By Jack Ewing
Tesla sales fell in 2024, the first annual decline in the company’s history, as rivals in China, Europe and the United States brought in dozens of competing electric models, giving buyers more choice.
The company said on Thursday it delivered 1,789,226 cars internationally a year, down slightly from 1,808,581 in 2023. In the last three months of 2024, Tesla delivered 495,570 cars, up from 484,507 in the last quarter of 2023.
The fourth-quarter deliveries were the best ever for Tesla, according to the company, but were not enough to make up for sluggish sales earlier in the year.
Tesla shares, which have been buoyant in recent months, fell 6 percent on Thursday.
Tesla and its chief executive, Elon Musk, largely created the electric car market when they began selling the Model 3 sedan in 2017, arguably the first battery-powered car with enough price, functionality and diversity to appeal to a large number of consumers. main buyers. Tesla still accounts for nearly a portion of all electric cars sold in the United States.
But automakers such as BYD, General Motors, Kia-Hyundai, Volkswagen and China’s BMW have challenged Tesla’s dominance, with models with newer designs and lower prices.
BYD, which has virtually tied Tesla as the global leader in sales of exclusively battery-powered cars, sold 1. 76 million electric cars in 2024, the company announced Wednesday, up from 1. 6 million a year earlier. Unlike Tesla, BYD also sells plug-in hybrids that run on gas and electricity, which are popular in China. Last year, the company sold 2. 49 million hybrids, a big jump from 2023’s 1. 44 million.
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