Last year, Tesla delivered fewer cars than it did in 2023, marking a decline and indicating struggles in reaching new buyers. The Cybertruck, Tesla’s first new model since 2020, did not significantly impact the company’s growth in its first full year of sales.
The company’s global vehicle deliveries in 2024 totaled 1.77 million, down from 1.81 million in 2023. Only 85,133 of these deliveries consisted of “other models,” such as the aging Model S sedan, Model X SUV, and the Cybertruck. Tesla’s stock dropped around 2% in pre-market trading following this announcement.
This decline marks a significant shift for Tesla and Musk, who previously aimed for a 50% annual growth rate. Despite ongoing price cuts, the company has been struggling to meet this target in recent years. 2024 saw a decline in sales for the first time since delivering its first mass-market car, the Model S, in 2012.
In early 2024, Tesla warned investors of lower growth expectations and referred to being in an in-between phase of growth waves. Subsequently, in April, the company underwent a restructuring with layoffs of over 10% to focus on Musk’s vision of a fully functional robotaxi.
Tesla also scrapped plans for a $25,000 electric vehicle and has upcoming models on existing production lines that are expected to be more affordable than the current offerings, which start at around $40,000.
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