Tesla’s annual deliveries drop for first time since 2011

Open Editor’s Digest for free

FT editor Rula Khalaf picks her favorite stories in this weekly newsletter.

Tesla posted its first decline in auto deliveries in more than a decade as its fourth-quarter results missed analysts’ estimates, sending shares down 5 percent.

The company said Thursday it delivered 495,570 vehicles in the quarter, compared to analysts’ expectations of more than 500,000.

Throughout the year, Tesla 1.79 million vehicles were delivered, down from 1.81 million vehicles delivered in 2023 and the first annual decline since 2011, according to Bloomberg data.

In October, Tesla reported better-than-expected quarterly profits and forecast a “slight increase” in deliveries for 2024, while CEO Elon Musk predicted the group’s car sales could grow 20 percent to 30 percent in 2025.

This is a developing story