Tesla reported global deliveries of 495,570 vehicles in the fourth quarter of 2024, setting a new company record but falling short of Wall Street expectations. Analysts surveyed by Bloomberg had anticipated deliveries of 512,277 units for the quarter. The fourth-quarter figures represent a 2.28% increase from the 484,507 vehicles delivered in the same period in 2023 and a 7.06% rise from the 462,890 units delivered in the third quarter of 2024.
The company’s more affordable models, the Model 3 sedan and Model Y crossover, accounted for 471,930 deliveries in the fourth quarter, slightly below market expectations of 484,575 units. Deliveries of other vehicles, including the Model S, Model X, and the new Cybertruck, totaled 23,640 units during the same period.
For the full year 2024, Tesla’s global deliveries reached 1,789,226 vehicles, marking a slight decline of 1.07% from the 1,808,581 units delivered in 2023. This is the first annual drop in deliveries for Tesla in over a decade. The Model 3 and Model Y continued to dominate, with 1,704,093 units delivered throughout the year, while other models contributed 85,133 units to the total.
Production numbers mirrored the delivery trends. In the fourth quarter, Tesla produced 459,445 vehicles, including 436,718 Model 3 and Model Y units and 22,727 units of other models. Annual production for 2024 stood at 1,773,443 vehicles, comprising 1,679,338 Model 3 and Model Y units and 94,105 units of other models.
Increasing competition from BYD
Tesla’s modest growth allowed Chinese automaker BYD to overtake it in the battery electric vehicle (BEV) market for the second time, following a similar occurrence in the fourth quarter of 2023. BYD sold 595,413 passenger BEVs in the fourth quarter of 2024, representing a 13.11% year-over-year increase and a 34.28% rise from the third quarter. BYD also produces plug-in hybrid electric vehicles (PHEVs), and when combined with BEV sales, the company sold a total of 1,513,969 passenger new energy vehicles (NEVs) in the fourth quarter, up 60.61% year-over-year and 34.07% from the previous quarter.
For the entire year, BYD sold 1,764,992 passenger BEVs worldwide, coming close to Tesla’s annual total. While BYD’s sales are primarily concentrated in China—with only about 8% of its NEV sales in the fourth quarter occurring overseas—Tesla maintains a significant global presence. China remains Tesla’s second-largest market after the United States. The company’s Shanghai Gigafactory produces the Model 3 and Model Y for both domestic sales and export.
From January to November 2024, Tesla delivered 574,175 vehicles in China, an 8.77% increase compared to the same period in the previous year. December delivery figures for Tesla in China have not yet been released.
Looking ahead, Tesla is scheduled to report its fourth-quarter 2024 financial results on Wednesday, January 29. The company’s management will host a live question-and-answer webcast at 4:30 p.m. Central Time (5:30 p.m. Eastern Time) to discuss financial performance and future outlook.
Source: CnEVPost
