First in a decade: Tesla annual EV sales drop

TESLA'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.

- KARA CARLSON

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 challenges for EV makers, even as hype around driverless cars and Musk's closeness with President-elect Donald Trump have sent Tesla's stock soaring in recent months. Lukewarm consumer demand is weighing on sales of electric cars, an issue that could be exacerbated by Trump's push to rein in EV incentives.

Tesla's shares sank after the results, falling 5.8% as of 10.49 am in New York. The stock rose 63% in 2024.