CHART: Tesla recorded its first annual sales decline in over a decade in 2024

For the first time in 12 years, Tesla has reported a decline in annual deliveries, with global sales slipping 1.1% in 2024. The EV giant delivered 1.78 million vehicles last year, down from 1.81 million in 2023, as demand for electric vehicles slowed across key markets, as the Techloy chart below shows.

It marks Tesla’s first year-over-year sales drop since 2011, when it was still ramping up production of its early models. Back then, Tesla’s small-scale operation sold just over 1,300 cars in 2010, only to see that number dip slightly the following year.

Fast forward to 2024, and the challenges are on a much larger scale. Tesla now operates in a fiercely competitive market flooded with new players, legacy automakers, and an expanding lineup of EV options for consumers.

Even the long-awaited Cybertruck, Tesla’s angular pickup, made only a modest impact on the company’s bottom line. In its first full year of production, the Cybertruck’s sales were minimal, as demand for Tesla’s higher-priced models lagged.

Growing competition from both upstarts and established automakers has also begun eating away at Tesla's dominance. Rivian, Ford, General Motors, Volkswagen other have ramped up EV production, offering consumers more choices.

In China, the competition is especially fierce. Local brands like BYD, Li Auto, and LeapMotor have grown faster than Tesla.