- After years of gains, Tesla's sales and deliveries have declined
- Tesla's share of the US EV market has fallen below 50%
- US enrollment figures are still to come
Tesla's sales and deliveries are down in 2024, after a seemingly unstoppable streak of double-digit gains for many years.
Globally, Tesla has delivered 1,789,226 million vehicles by 2024, with a total production of 1,773,443 million vehicles. Both of those figures are down from the reported figures of 1,808,581 deliveries and 1,845,985 vehicles made in 2023.
That's just over a 1% drop in deliveries in 2024 and a nearly 4% drop in annual production. And it could be worse without a rally in the fourth quarter. Tesla noted that he sent a Q4 delivery recordin 495,570 vehicles.
In comparison, last year Tesla was showing very different results. Its 2023 deliveries and sales grew by 38% and 35%, respectively, over 2022. Tesla 2023 sales were strong, and its sales numbers exceeded 2022 numbers every single month of the year according to DOE data. That means, China's BYD continued to strengthen Tesla will be the world leader in 2023.
Tesla CEO Elon Musk at the Cybercab event (screenshot) – Oct. 2024
In 2023, Tesla CEO Elon Musk got political and by extension he did so Tesla like never before. Even in April, reputable studies were showing a connection, as many American car buyers linked Tesla to Musk – suggesting that the richest man in the world may be interfering with Tesla's sales growth, especially in California, where it is held. more than a tenth of the new car market.
Tesla's share of the EV market declines in 2023 despite price cuts, reaching nearly 50% of the US EV market, and 2024 EV sales are expected to increase overall about 20% compared to 2023, it will certainly lose more than that in 2024. Tesla had continued to cut prices through 2024, with a move in April that repositioned the Model Y below the Model 3, thanks to Musk's federal EV tax credit. supported support.
The Model 3 and Model Y make up the majority of Tesla's global footprint. Just 94,105 of its worldwide production and 85,133 of its worldwide deliveries of “other models”—likely to include the Model S, Model X, Cybertruck, and Semi.
2024 Tesla Model Y. – Courtesy of Tesla, Inc.
As a footnote to this: It's not clear yet whether Tesla saw a similar sales sputter in the US, looking at the rest of the year. However, in October they were down. Citing figures based on subscriptions throughout that month, Automotive News compiled 499,870 sales for that month, compared to 535,834 for the same period in 2023.
Tesla does not report sales figures for the US market, which generally rely on the country's registration numbers and their residual equity. But we'll have an idea about that, and whether Tesla was able to achieve US sales gains for the year, within a few weeks.