Tesla's Delivery Decline: Challenges for Musk's Electric Vision

Tesla reported its first annual decline in deliveries, falling short of CEO Elon Musk's growth promise for 2024. Despite record deliveries of 495,570 units in Q4, the automaker missed estimates and saw a 1.1% drop in year-to-year deliveries to 1.79 million vehicles.

Tesla has announced its first annual decline in vehicle deliveries, falling short of the growth targets set by CEO Elon Musk for 2024. The company's ambitious goals were impacted by waning demand for its aging fleet, even as it attempted to boost sales with incentives.

In the final quarter of the year, Tesla delivered a record 495,570 vehicles. However, this fell below the expected 503,269 units, as projected by 15 analysts polled by LSEG. The annual figure of 1.79 million deliveries marks a 1.1% decrease from the previous year.

Analysts had expected Tesla to reach 1.806 million units for 2024, according to a survey of 19 experts by LSEG. This shortfall poses a significant challenge for Musk's aim to maintain growth in an increasingly competitive electric vehicle market.

(With inputs from agencies.)