Tesla’s global vehicle deliveries fell in 2024 for the first time in years
A surge of promotional deals in the fourth quarter failed to stimulate sales enough to top the prior-year results.
Tesla’s global vehicle deliveries fell in 2024 for the first time in more than a decade, after a surge of promotional deals in the fourth quarter failed to stimulate sales enough to top the prior-year results.
The electric-car maker delivered 495,570 vehicles in the fourth quarter, leaning heavily on promotions, such as interest-free financing deals and free Supercharging, to entice buyers.
The result—a quarterly record—was up about 2% from a year earlier, but it fell short of the roughly 515,000 vehicles it needed to sell in the fourth quarter for Tesla to top its 2023 performance on a full year basis.
For all of 2024, Tesla delivered 1.79 million vehicles worldwide, down about 1% from a year earlier.
The company plans to report fourth-quarter earnings on Jan. 29.
Tesla’s stock was down roughly 3% in pre-market trading Thursday morning, following the release of its latest delivery figures. The automaker’s shares ended 2024 up more than 61% after a post-election rally.
Wall Street has largely looked past Tesla’s sales turbulence and focused on Elon Musk’s long-term strategy to shift the company toward robotics and artificial intelligence. Tesla’s share price has nearly doubled in the weeks since the election, sending Tesla’s value to a high of $1.5 trillion in mid December.
In recent weeks, Musk’s attention has drifted away from his companies and into the political arena. He has spent his time sitting side-by-side with President-elect Donald Trump at his Mar-a-Lago resort, suggesting cuts to government spending through the Department of Government Efficiency and successfully lobbying Congress to kill a government spending bill.
Investors are hopeful that Musk’s proximity to Trump will aid his businesses, including through federal regulations that simplify Tesla’s path to deploying autonomous vehicles nationwide.
In October, Musk unveiled the prototype for a two-seater, fully autonomous robotaxi called the Cybercab, which he said could be priced under $30,000 and would be available for individual customers to buy. He said that Tesla planned to produce the Cybercab by 2027. He also revealed a larger vehicle for transporting up to 20 people or cargo, which it dubbed the Robovan.
topics
