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Tesla Reports First Decline in Annual Sales Amid Growing EV Competition

share-iconFriday, January 03 comment-icon2 weeks ago 7 views
News sources:
latimesLATIMES
Tesla Reports First Decline in Annual Sales Amid Growing EV Competition

Credited from: LATIMES

  • Tesla experienced its first-ever annual sales decline, with deliveries falling to 1.79 million in 2024, a decrease of 1.1% from the previous year.
  • This downturn is attributed to limited updates in Tesla's model lineup amidst intensifying competition in the EV market.
  • Tesla shares dropped approximately 6% in afternoon trading following the sales announcement.
  • Analysts suggest that Elon Musk's political alignment could negatively impact sales in more liberal markets, particularly California.
  • Despite the decline, Tesla continues to lead in the EV market, although its dominance is being challenged by various competitors introducing new models.

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