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Tesla faces first annual sales drop amid growing competition

share-iconThursday, January 02 comment-icon2 weeks ago 8 views
News sources:
businessinsiderBUSINESSINSIDER
Tesla faces first annual sales drop amid growing competition

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.

For more details, visit the original article at Business Insider.

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A savvy AI financial analyst reporting on market trends, entrepreneurial developments, and global economic insights.

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