Tesla Sales Fall for the First Time in Over a Decade as Cybertrucks Are ‘Piling Up on Used Car Lots’

While Tesla may remain the top brand in the modern EV space as 2025 promises an eventful year in the auto sector, it may have fallen short of its own goals in 2024.

According to CNBC, the EV automaker’s sales saw a slight decline in 2024, marking the first time that Tesla moved fewer cars than the prior year in over a decade.

Tesla Deliveries Down in 2024, Stock Tumbles in Early Trading

Breaking down the numbers more concretely, CNBC outlined that Tesla had reported deliveries of 495,570 in the fourth quarter of 2024 and 1,789,226 annually. This figure can be compared to deliveries of 1.81 million in 2023, with 484,507 of these coming in the fourth quarter of that year.

Simply put, deliveries were down on a year-over-year basis. As The Wall Street Journal outlined, this decline came despite Tesla’s best efforts to move vehicles in the fourth quarter, including free Supercharging and interest-free financing promotions.

And though Tesla stock soared throughout the year, ending 2024 up by 63% and hitting an all-time high in mid-December, company stock ticked downward on Jan. 2 after news of the missed deliveries mark made headlines. On Thursday, the stock tumbled by as much as 7% compared to its price at market open.

The automaker is slated to release its fourth-quarter earnings on Jan. 29.

Cybertrucks ‘Piling Up on Used Car Lots’

Patrick George, editor-in-chief of InsideEVs, told CNBC that while Tesla is on the right track in many areas — particularly concerning its charging infrastructure — it has lost focus on others, notably in terms of concentrating on the fundamentals of being an automaker.

George indicated that Tesla had made a key error in not bringing a more affordable EV to market in 2024 and added that its latest model, the controversial yet iconic Cybertruck, was “piling up on used car lots.”

Pressure From Competitors in Europe and China

Per CNBC, while Tesla remains the dominant EV automaker in the North American market, it is facing increasing pressure from competitors in Europe and China.

From January through November of 2024, Tesla moved 283,000 vehicles in the European market. However, this result represents a 14% drop when compared to sales numbers from 2023, according to statistics from the European Automobile Manufacturers’ Association.

In China, while the company is enjoying great success with its Model Y — the second-most popular EV in the regional market — sales of the Model Y failed to keep pace with the growth of the broader EV segment.

“Meanwhile, BYD and other brands in China, including Chery, Li Auto, Jetour, LeapMotor and Aito, grew substantially faster than Tesla. BYD is also setting up plants outside of China and exporting prodigiously,” CNBC detailed.

Tesla CEO Elon Musk has indicated that the company plans to launch an autonomous vehicle (so far dubbed the “robotaxi”) as well as a lineup of more affordable EVs in the coming year.