Tesla reported a full-year decline in vehicle sales, falling short of the company's forecast, a sign of growing competition in the EV market in China and other major markets.
Elon Musk's electric car company reported 495,570 deliveries in the fourth quarter, bringing the full-year total to just under 1.8 million vehicles.
That's about 1.1 percent less than 2023 sales, although Tesla said in October that it expected "slight growth" in vehicle deliveries for the year.
That figure caps off a mixed 2024 for Tesla, a year in which Musk has thrown himself fully into US electoral politics.
He helped hand the presidency to Republican Donald Trump through huge contributions and a ramping up of Trump's anti-immigrant and other rhetoric in Musk's Platform X.
Tesla's fourth-quarter sales increased from the year-ago period, but the increase wasn't enough to stave off a full-year decline from 2023.
Tesla called the current period of moderate sales a reflection of its position "between two major waves of growth," with the next period of volume increases due to advances in autonomy and the introduction of new vehicle products.
While 2024 saw an increased presence on the road for Tesla's futuristic cybercar, the company faced pressure to launch other new vehicles.
A heavily publicized October event in Los Angeles that showcased Tesla's autonomous robotic taxi cars received mostly poor reviews.
Tesla is also facing increased competitive pressure from other automakers, particularly in China, where electric car brand BYD is based.
Earlier on Thursday, BYD reported sharp sales growth through 2024
Tesla shares fell 4.3 percent in early trading. But the electric-car maker is up more than 55% since the U.S. election in November. | BGNES
