Tesla’s stock has plummeted after the electric vehicle manufacturer reported a significant miss in its Q4 2024 delivery targets, marking the first yearly sales decline in the company’s history. The company announced it delivered 407,000 vehicles in the fourth quarter, falling short of Wall Street’s expectations, which had estimated at least 420,000 deliveries. This shortfall contributes to a total of 1.7 million vehicles delivered in 2024, down from 1.9 million in the previous year, reflecting a 10% decline in overall sales. Tesla CEO Elon Musk commented on the situation, indicating ongoing challenges in demand and competition: “We’ve seen some shifts in consumer preferences, which have affected our sales this quarter.” Despite the setbacks, Tesla remains committed to its long-term goals, with plans for future production expansions and new vehicle models. Analysts are cautious, with some forecasting that without significant market adjustments, the decline might continue. Stock analysts noted that shares dropped by over 6% in after-hours trading following the announcement, illustrating increasing investor concerns. The company is set to hold its quarterly earnings call on January 11, 2025, where further insights into these challenges may be disclosed.
Tesla Faces First Yearly Sales Decline Amidst Missed Q4 Delivery Targets
