Tesla has posted its first ever dip in yearly sales amid increased competition from Chinese competitors and a worldwide slowdown in growth of electric car sales.
The US auto manufacturer delivered 495,570 electric cars (EVs) in the last three months of 2024, it disclosed on Thursday, increasing its annual total to 1.79m.
While this latest quarterly statistic was a record high for Tesla, the year total reflected a modest decline on 2023’s 1.8m. It is the first time Tesla’s yearly sales have decreased following years of strong expansion.
This has coincided with a larger drop in worldwide demand for electric vehicles, spurred by high prices and ongoing uncertainty about EV technology.
The newest sales numbers also indicated that Tesla was eclipsed by China’s BYD in the fourth quarter, as the Chinese business sold 595,413 electric cars compared to Tesla’s 495,570.
It was just the second time that BYD, which has been trying to sell its cheap vehicles abroad, particularly in the UK, has overtaken Tesla’s quarterly sales.
