Tesla’s global sales saw a 2.3% increase in the fourth quarter of the year, with 495,570 vehicles delivered from October through December. This brought the total deliveries for the year to 1.79 million, slightly below the previous year’s sales of 1.81 million. The boost in sales came with a cost, as analysts expected the average sales price to drop to its lowest in at least four years.
The slight decline in sales for the year marks Tesla’s first year-over-year sales decline since at least 2015. The company’s prediction of 50% sales growth each year was impacted by an aging model lineup and increased competition in key markets such as China, Europe, and the U.S. Competition from both legacy and startup automakers is also growing as they try to capture market share in the electric vehicle space.
Despite the sales challenges, Tesla remains a key player in the electric vehicle market, with its global sales surpassing Chinese rival BYD. The company’s fourth-quarter production and full-year sales figures were both below expectations, leading to a drop in Tesla’s shares. The company is set to announce its fourth-quarter earnings on Jan. 29, providing more insight into its financial performance for the year.
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