Tesla Sales Decline for the First Time in Over a Decade

Tesla’s global sales saw a slight dip last year, marking the first decline in over ten years. The electric vehicle (EV) giant delivered approximately 1.79 million cars in 2024, a modest 1% drop from the 1.8 million units sold in 2023. Despite aggressive price cuts aimed at sustaining demand and retaining its position as the world’s top EV maker, the strategy yielded limited results.

Meanwhile, competition has intensified, with China’s BYD emerging as a formidable rival. BYD reported an impressive 1.76 million EV sales in 2024, narrowing the gap with Tesla significantly. As demand softens and competitors accelerate, Tesla faces increasing pressure to innovate and maintain its market dominance in the fast-evolving EV industry.