Tesla warned that 2024 was going to be a more challenging year for the company. It wasn't wrong. The electric vehicle market is getting model saturated and volume is plateauing. Without incentives electric car sales would be falling as is the case of New Zealand. Tesla experienced two consecutive quarter downturns for the first time ever but Q3 and Q4 almost redressed that.
Deliveries and production were down 1% and 4% respectively. The Cybertruck came much later than desired but it clearly hasn't delivered the volume that was anticipated. Tesla doesn't give a breakdown by model. Fourth quarter deliveries of 2023 were narrowly beaten by the 2024 equivalent but not so with production volume.
The chart below shows the quarter, volume, the percentage of each quarter and the percentage increase or decrease compared to the quarter the year before. As the quarters for the year didn't correspond to the full year totals, I added an adjusted figure to get the true total, which was higher than when the quarters were combined.
So in the end a slight drop in deliveries and sales, which is a new experience for Tesla. It always had to happen at some point but with the increase of electric car sales slowing, and even more telling intense competition, the end to stellar growth arrived in 2024. The number of nearly 1.8 million deliveries was still impressive though, as has Tesla's automotive journey has been.
Data source: Tesla.
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