Tesla Inc's annual vehicle sales dropped for the first time in more than a decade despite a year-end push that sent deliveries to a record in the fourth quarter. Shares tumbled after the results.
The Elon Musk-led company sold 1.79 million vehicles last year, it said Thursday, which was slightly less than what it delivered in 2023 and also below analysts consensus estimate.
The results offer a sobering reminder of the real-world challenge for EV makers, even a hype around driverless cars and musks closeness with president-elect Donald Trump have sent Tesla stock soaring in recent months. Lukewarm consumer demand is weighing on sales of electric cars an issue that could be exacerbated by Trump's to reign in EV incentives. Tesla's Shares sunk after the results, failing 5.8% as of 10.49 a.m in New York. The stock rose 63% in 2024.