The electric car maker released its sales report for the final quarter of 2024. It turned out to be a record: Tesla sold 495,570 cars, which is more than in the third quarter. However, the company failed to achieve its goal of selling more than 1.8 million cars worldwide in a year. 1,789,226 vehicles were delivered, less than in 2023. This marked Tesla’s first annual sales decline in more than 10 years.
The majority of electric vehicles sold in 2024—1,704,093—are Model Y and Model 3. That means the Model S, Model X, and Cybertruck together account for less than five percent of Tesla sales.
The weak year-to-date results are weighing on already weak stocks. From the second to the third of January, the price of Tesla securities fell by 6.8 percent, and over the past five days in total they fell from $465 to $375 per share.
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However, Tesla CEO Elon Musk is optimistic about the future: according to his forecast, sales will grow by more than 20 percent in 2025. This should be helped by the launch of Project Juniper, an updated best-selling Model Y, which will appear in most markets in the coming months.
Tesla also confirmed that in the first half of 2025 an electric car priced up to 30 thousand dollars will be presented. Probably, in order to please investors, Musk will have to move away from the plan to make the “state employee” completely autonomous.
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