Tesla reported its first-ever annual decline in deliveries

Tesla announced its first ever car . The total number of deliveries for 2024 is about 1.78 million, but the company delivered 1.81 million vehicles in 2023. The company’s shares fell as much as seven percent on the news, but have since risen a few points. This follows Similar news from Q1 2024But that was only for one quarter.

The fourth quarter showed a slight uptick in deliveries, with 495,000 this year and 484,000 in 2023. However, analysts expected a stronger final quarter. . These analysts expected fourth-quarter deliveries to be somewhere in the range of 506,000. Tesla doesn’t publish actual sales numbers in the US, so these delivery metrics are the closest we get.

Numbers are also down in Europe, with a 14 percent drop in 2024 compared to last year. This is according to registration data issued by the Association of European Automobile Manufacturers.

We don’t have a specific reason as to why Tesla vehicle deliveries are faltering, but there are a myriad of options. The company still hasn’t made a budget-friendly electric car, instead focusing its energies on and . Patrick George, Editor-in-Chief InsideEVsHe said CNBC That Cybertrucks It began to “pile up on used car lots.”

The company is also no longer the only electric car company in town. It faces intense competition from but also older manufacturers. Entities like BMW, GM, Hyundai, and Volkswagen have started producing electric vehicles in large numbers. Finally, there’s Elon Musk in everything.

Still, Tesla stock finished strong for the year, with a 60 percent gain from 2023. Shares already hit a new high in December, dwarfing the previous all-time high from 2021.

In other news, I don’t understand stocks. ford, valued at less than $10 per share. Tesla currently trades at $380 per share, all while selling far fewer cars than Ford, as well as every other major automaker. Maybe rival stocks will rise if major U.S. auto companies start putting more effort into humanoid robots .

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