Tesla reported its first full-year drop in sales in its history as a public company, facing increased competition and slowing demand for electric vehicles. In the fourth quarter, the company sold 495,570 vehicles, a 2% increase from the previous year. However, this figure lagged behind the 595,413 pure EVs sold by Chinese rival BYD during the same period.
Despite this, Tesla's full-year sales of 1.8 million vehicles managed to surpass BYD's annual EV total by 24,000 units, allowing Tesla to retain its position as the world's largest EV maker. Nevertheless, Tesla's total 2024 sales experienced a 1% decline from the previous year, marking the first time the company has reported such a drop.
