Tesla warned that 2024 was going to be a more challenging year for the company. Three quarters in and it clearly is that way. 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 averted yet another one.
Deliveries and production are down 4% with three quarters of 2024 completed. 2024 was always going to be tough regardless of unforeseen problems. The Cybertruck came much later than desired and Tesla doesn't give a breakdown by model but it clearly hasn't delivered the volume that was anticipated. Tesla's record period is the fourth quarter of 2023 reflecting the reality that this year is the most challenging for the company so far.
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. The third quarter is the only increase for 2024, with a 6% gain.
Data source: Tesla.
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