Tesla faced its first annual decline in vehicle deliveries as year-end incentives failed to offset consumer hesitancy due to rising borrowing costs. Despite promotions and a new Cybertruck model, demand for Tesla's vehicles slowed, prompting a shift in focus towards a self-driving taxi business.
- Tesla reported its first fall in yearly deliveries on Thursday as lucrative year-end incentives for the Elon Musk-led electric vehicle maker's aging lineup and the new Cybertruck pickup failed to lure customers wary of high borrowing costs .
But reduced European subsidies, a shift in the United States toward lower-priced hybrid vehicles and tougher competition especially from China's BYD Group, whose Skoda Enyaq SUV dethroned Tesla's Model Y as the best-selling EV in the region, according to data research firm JATO Dynamics. "What was interesting is that their sell-through also declined in the year, even though people know that there's a tax credit elimination coming potentially in 2025," said Thomas Martin, senior portfolio manager at Globalt Investments.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.
Tesla Electric Vehicle Sales Deliveries Cybertruck Borrowing Costs
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Tesla Reports First Annual Drop in DeliveriesTesla's fourth-quarter and year-end vehicle production and deliveries report reveals the first annual decline in delivery numbers for the company. Despite facing increasing competition from Hyundai and BYD, Tesla delivered 484,507 vehicles in Q4 2023, reaching 1.81 million deliveries for the year. This report follows a significant late-year rally in Tesla's stock price, which surged 63% in 2024.
Read more »
Tesla Reports First Annual Drop in EV DeliveriesTesla's fourth-quarter vehicle production and delivery figures show the first yearly decrease in deliveries, despite a late-year surge in stock price. CEO Elon Musk previously warned of slower growth in 2024.
Read more »
Tesla shares slide after it reports first drop in annual deliveriesTesla’s fourth-quarter deliveries report follows a huge late-year rally in the stock that lifted its gain for 2024 to 63%.
Read more »
Tesla Reports First Annual Decline in Vehicle DeliveriesTesla has reported its fourth-quarter and year-end vehicle production and deliveries, revealing a first-ever annual drop in deliveries. Despite facing increased competition from companies like Hyundai and BYD, Tesla delivered 1.81 million vehicles in 2023, including 484,507 in the fourth quarter. This falls short of analyst expectations, which predicted deliveries closer to 505,000.
Read more »
Tesla Reports First Annual Decline in DeliveriesTesla delivered 495,570 vehicles in Q4 2024, marking the first annual drop in deliveries for the company. This comes after a significant rally in Tesla's stock price in late 2024.
Read more »
Tesla Reports First Annual Drop in Deliveries Despite Late-Year Stock SurgeTesla delivered 484,507 vehicles in the fourth quarter of 2023, marking the first annual decline in deliveries for the company. This figure fell short of analyst expectations but followed a strong late-year rally in Tesla's stock price. CEO Elon Musk had previously cautioned investors about slower growth this year due to increased competition from companies like Hyundai and BYD.
Read more »