Tesla Faces First Annual Sales Dip Amid Rising Competition

Tesla's global sales dipped in 2024, marking the first annual decline in nearly a decade, with 1.79 million vehicles sold, slightly below the previous year's 1.81 million. Despite a year-end boost from the Tesla Model 3 and Model Y, heightened competition from rivals like BYD and slowing electric vehicle demand challenged growth. The Cybertruck made its debut but faced hurdles alongside Tesla’s push for autonomy advancements. Discounts and incentives became more common as Tesla navigated a changing market landscape.