Tesla’s sales drop for first time as competition hurts demand Posted on 03/01/2025 Lower prices and incentives pinched Tesla’s profit margin on vehicle sales last year. (AP pic) AUSTIN: Tesla reported its first decline in annual deliveries today, as the automaker handed over fewer-than-expected electric vehicles in the fourth quarter and incentives failed to boost demand for its aging line-up of models. Shares of the company fell 3.5% before the bell, in a sign of investor worries over the challenges facing CEO Elon Musk, who expected promotions including zero-interest financing to power a “slight growth” in deliveries in 2024. Reduced European subsidies, a shift in the US towards lower-priced hybrid vehicles and tougher competition from China’s BYD have pressured Tesla. In response, Musk pivoted Tesla to self-driving taxis and backed president-elect Donald Trump with millions of dollars in campaign donations in hopes that it could bring regulatory relief for the company. Tesla handed over 495,570 vehicles in the three months to Dec 31, missing estimates of 503,269 units, according to 15 analysts polled by LSEG. It delivered 471,930 Model 3 and Model Y vehicles and 23,640 units of other models, including the Model S sedan, Cybertruck and Model X premium SUV. It produced 459,445 vehicles during the October-December period. Deliveries for 2024 were 1.79 million, 1.1% lower than a year ago, below estimates of 1.806 million units, according to 19 analysts polled by LSEG. With self-driving technology still years away, analysts have said Tesla will have to rely on cheaper versions of current cars and the Cybertruck to drive sales growth in the near term. The truck, known for its trapezoidal, stainless-steel exterior, has been showing signs of demand weakness, analysts have said. Meanwhile, October registrations of Tesla vehicles in Europe fell by 24%, owing to a tight race from Volkswagen Group, whose Skoda Enyaq SUV dethroned the Model Y as the best-selling EV in the region, according to data research firm Jato Dynamics. Lower prices and incentives pinched Tesla’s profit margin on vehicle sales last year. Wall Street, however, expects demand to pick up in 2025 as the US Federal Reserve cuts interest rates. Shares of Tesla had surged more than 60% last year. News
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