Tesla announced vehicle delivery figures for 2024, and for the first time in the company’s history, a decrease in annual deliveries was recorded. Tesla, which delivered 1.81 million vehicles in 2023, reduced this figure to 1.78 million in 2024. Following this development, the company’s shares fell by up to seven percent, but then recovered and showed a slight increase.
In the fourth quarter of 2024, Tesla delivered 495 thousand vehicles, slightly surpassing the 484 thousand deliveries in the same period of the previous year. However, market analysts’ expectations were that this figure would be around 506 thousand. According to CNBC, this performance, which was below expectations, increased investors’ concerns. Since Tesla does not disclose net sales figures in the US, delivery data is often considered the most important metric for assessing the company’s performance.
It seems that Tesla is also having difficulty in the European market. According to data from the European Automobile Manufacturers Association (ACEA), Tesla’s European deliveries in 2024 decreased by 14 percent compared to the previous year. This decline raised questions about the company’s competitiveness in the European market.
Although the exact reasons for the decline in Tesla’s delivery figures are not fully known, a few factors stand out. Instead of producing an affordable electric vehicle, the company is focused on controversial projects such as Cybertruck and autonomous robot taxi goals. Although production of the Cybertruck has begun, some of these vehicles have already begun to accumulate on the used vehicle market, InsideEVs Editor-in-Chief Patrick George told CNBC.
Tesla also faces increasing competition. New startups such as Rivian and well-established automobile manufacturers such as BMW, GM, Hyundai, Volkswagen offer a serious alternative to Tesla by increasing their electric vehicle production.
Tesla shares gained 60 percent during 2024
Despite all these negative developments, Tesla’s shares showed a strong performance in 2024. The company’s shares gained 60 percent during the year, reaching an all-time high in December. This shows that Tesla’s market perception is still strong.
On the other hand, many people debate why Tesla’s share value is so higher than its competitors. For example, even though Ford has sold 1.72 million vehicles in the US alone as of the third quarter of 2024, its shares are trading below $10. Tesla, on the other hand, is trading at $380 per share, even though it sells fewer vehicles.
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