Tesla reports its first annual drop in deliveries

Tesla announced its first in history . The total number of deliveries for 2024 hovers around 1.78 million, but the company delivered 1.81 million vehicles in 2023. The company’s shares fell as much as seven percent on the news, but have since rallied several points. This follows similar news from Q1 2024but that was only for one quarter.

The fourth quarter showed a slight uptick in deliveries, with 495,000 this year and 484,000 in 2023. However, analysts predicted a more stable final quarter, . Those analysts expected Q4 deliveries to be somewhere in the range of 506,000. Tesla doesn’t release actual US sales numbers, so these delivery numbers are the closest we’re getting.

Numbers are also falling in Europe, with a 14% drop in 2024. compared to last year. This is indicated by the registration data of the European Association of Automobile Manufacturers.

We don’t have a specific reason why Tesla deliveries have started to slow down, but there are a myriad of options. The company has yet to make a budget EV, instead focusing its energies on and . Patrick George, Editor-in-Chief of InsideEVssaid CNBC that Cybertrucks began “stocking up on used car lots.”

The company is no longer the only EV game in town. It faces stiff competition from but also legacy producers. Entities such as BMW, GM, Hyundai and Volkswagen have started to release electric vehicles in large numbers. Finally, there is the Elon Musk of it all.

Tesla shares still finished strong for the year, up 60% since 2023. The stock actually hit a new high in December, eclipsing the previous all-time high from 2021.

In other news, I don’t understand stocks. ford, worth under $10 per share. Tesla currently trades at $380 per share, while selling significantly fewer vehicles than Ford and nearly every other major automaker. Perhaps rival stocks will rise if major US auto companies start putting more effort into humanoid robots .

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