Tesla’s sales dropped for the first time in 2024, with 1.79 million deliveries, down 1.1% from 2023. Factors include reduced subsidies in Europe, a shift to hybrids in the US, and competition from China’s BYD. Tesla shares fell 5%.

Tesla reports first-ever annual sales drop; stock crashes

Elon Musk’s Tesla reported its first full-year drop in sales as a public company. In 2024, Tesla delivered 1.79 million vehicles, down 1.1% from the previous year. The decline was due to reduced subsidies in Europe, a shift toward hybrid vehicles in the US, and increased competition from China’s BYD. Following the announcement, Tesla shares dropped by 5%.