Tesla's vehicle sales declined in 2024, marking the company's first full-year sales drop and reflecting a slowdown in momentum for EVs.

The electric-car company led by Elon Musk no longer has the market to itself. Investors are focusing on autonomous driving and other new technologies.

Tesla delivered fewer cars last year than it did in 2023, marking its first year-to-year drop and signaling that the company is struggling to reach new buyers.

Tesla has recorded its first drop in annual sales for a decade after Elon Musk’s support for Donald Trump provoked a backlash from Left-wing motorists. The US car giant delivered 495,570 electric vehicles (EVs) in the final three months of 2024,

Tesla Inc.’s annual vehicle sales dropped for the first time in more than a decade despite a year-end push that sent deliveries to a record in the fourth quarter.

Chinese electric-vehicle growth continued in December, with BYD set to take the crown of largest seller from Tesla for the second time. Growth alone, however, wasn’t enough to give all the Chinese EV stocks a boost.

BYD is closing in on Tesla after a record December closed off a good 2024 for the Chinese EV giant. The company sold 4.25 million new energy passenger vehicles last year, according to data released on Wednesday.

China’s BYD Co. enjoyed a year-end surge to push total sales to 4.25 million passenger cars last year, narrowing its gap with Tesla Inc. as the two vie for the crown of top-selling electric-vehicle maker of 2024.