Tesla saw first annual decline in EV sales in more than a decade

Elon Musk’s EV company Tesla sold fewer cars last year than in 2023, its first annual sales decline in more than a decade.

Tesla sold 1.79 million vehicles in 2024, several thousand less than analysts had predicted. The drop reflects wider industry woes: Year-on-year sales growth of EVs has fallen from 35% in 2022 to 25% at the start of 2024, according to a JP Morgan analysis, a decline that may be hastened by Donald Trump’s proposal to roll back EV incentives, Bloomberg noted.

Still, the EV market is unlikely to collapse, CNN wrote: Car companies have the potential to bridge the gap between tech-savvy “early adopters” and mass-market consumers. The rise of moderately-priced EVs from legacy automakers like Ford and General Motors is part of why Tesla has lost some of its dominance over the US market, the outlet noted.