Tesla sales fell last year for the first time in more than a decade, as demand faltered and rivals gained pace.
The company, led by billionaire Elon Musk, delivered almost 1.79 million cars last year, down about 1 percent from 1.8 million in 2023.
This comes despite the company lowering prices repeatedly last year in a bid to woo buyers and hold on to its rank as the world’s top-selling maker of electric vehicles (EVs). China’s BYD, however, looks set to close the gap after reporting 1.76 million EV sales in 2024.
The Shenzen firm’s total vehicle sales jumped more than 41 percent in 2024, year-on-year, to more than 4.2 million.
The surge was powered mainly by sales of its hybrid cars. BYD sells 90 percent of its cars in China, where it has been extending its lead over foreign brands including Volkswagen and Toyota. It has benefitted from a rise in car sales in its home market, as intense competition drove down prices and government subsidies encouraged consumers to replace their old cars with EVs or other more fuel-efficient options.
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Tesla also counts China as a key market, but it has lost ground to rivals as the price war rumbles on.
