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Tesla sales decline 1.1% in 2024, the company's first annual sales drop in a decade

/ CBS/AP

Tesla sales for 2024 fell short of its 2023 numbers, as a 2.3% increase in global sales in the fourth quarter was not enough to overcome a sluggish first half of the year.

It was the first year-over-year sales drop for the Austin, Texas, company since at least 2015, and it came despite offers of discounts such as 0% financing, free charging and low-priced leases.

Tesla delivered 495,570 vehicles from October through December, boosting deliveries to 1.79 million for the full year. But that was 1.1% below 2023 sales of 1.81 million as overall demand for electric vehicles in the U.S. and elsewhere slowed.

The sales dip has not changed analysts rosy outlook for the company in 2025, however.

"Looking to FY25, we remain highly confident in Tesla's ability to accelerate delivery growth into FY25," Wedbush analysts Dan Ives, Steven Wahrhaftig and Sam Brandeis said in a report. The analysts added that Wedbush maintains its Outperform rating for Elon Musk's company which they said is more than just a car maker.  

"Taking a step back, over the last decade we have never viewed Tesla simply as a car company ... instead we have always viewed Musk and Tesla as a leading disruptive technology global player and the first part of this grand strategic vision has taken shape over the past 5 years," the analysts said.

Tesla shares fell $25.22, or 6.3%, to $378.62 in late Thursday afternoon trading.

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