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Tesla reports 1.1% sales drop for 2024, first annual decline in at least 9 years

Tesla’s global sales rose 2.3% in the fourth quarter after a sluggish start to the year that contributed the electric car company’s first year-over-year sales decline since at least 2015.

In the U.S., analysts say most early adopters of technology already have electric vehicles, and more mainstream buyers have concerns about range, price and the ability to find charging stations on longer trips. Falling sales early in the year led to once-unheard of discounts for the automaker, cutting into its industry leading profit margins. Tesla’s global electric vehicle sales edged out Chinese rival BYD, which announced Thursday that total soared 41% last year including 1.77 million EVs.

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