Tesla faces first annual sales drop amid growing competition

Economy

1 year ago

News sources:

Credited from: BUSINESSINSIDER

Tesla's vehicle sales have declined for the first time in 2024, with approximately 1.79 million cars sold, down from 1.8 million in the previous year.
The fourth quarter saw deliveries at 495,570, falling short of the expected 510,000, resulting in a 6% drop in its stock price.
Industry challenges and competition are increasing, with many consumers opting for hybrids over purely electric vehicles.
The prospect of losing consumer tax credits, which can reduce vehicle prices by up to $7,500, looms ahead for electric vehicle manufacturers.
Despite difficulties, Elon Musk highlights autonomous driving technology as Tesla’s competitive edge, with plans for a self-driving "Cybercab" and a more affordable model.

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