Tesla experiences first sales decline in decade amid rising competition
(MENAFN) Tesla has reported its first decline in vehicle sales in ten years, with 1.79 million vehicles sold in 2024, marking a 1.1 percent decrease compared to the previous year.
This decline comes amid growing competition, particularly from Chinese competitor BYD, which saw a significant increase in its electric vehicle (EV) sales.
While Tesla’s sales fell, BYD saw a 12.1 percent year-on-year rise, reaching 1.76 million units sold.
Tesla also reported delivering 495,570 vehicles in the most recent period, falling short of the expected 503,269 units. Additionally, production figures showed a concerning seven percent year-on-year drop, totaling 459,445 vehicles manufactured.
The delivery breakdown revealed that 471,930 of Tesla’s vehicles were primarily Model 3 and Model Y, while 23,640 units included other models such as the Model S sedan, the new Cybertruck, and the Model X premium SUV.
In Europe, shifting consumer preferences are favoring lower-priced hybrid vehicles, yet Tesla continues to hold its position as the leading all-electric vehicle manufacturer in the UK despite these challenges.
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