US electric vehicle pioneer led by Elon Musk has been hit by slowing demand
Tesla’s annual vehicle deliveries declined for the first time in more than a decade as the world’s largest electric vehicle maker came under pressure from Chinese competition. Shares fell more than 6 per cent on Thursday as the figures raised questions about a sharp rebound in sales that its chief executive Elon Musk had forecast. For the whole year, Tesla delivered 1.79mn vehicles, just below the 1.81mn delivered in 2023 and the first annual drop since 2011, according to Bloomberg data.
Competition with the cheaper offerings from Chinese rivals and concerns about slowing growth in EV sales, however, have weighed down on the market over the past year. Tesla has also been caught up in the political activism of its chief executive. Musk spent more than $250mn to back Donald Trump’s successful election campaign and has become one of the president-elect’s closest advisers.
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