Tesla's annual deliveries dropped for the first time last year, the company reported on Thursday, as the electric vehicle maker faces increasing global competition.
The company delivered roughly 1.79 million vehicles last year, short of the roughly 1.8 million vehicles it delivered in 2023. It delivered a record 495,570 vehicles in the fourth quarter, although it fell short of analysts' estimates of 504,000 to 515,000.
It needed to deliver at least 515,000 electric vehicles in the fourth quarter to surpass its 2023 annual performance.
Tesla's Model 3 and Y vehicles accounted for 1.7 million deliveries, compared to 85,000 for its other models.
Chief executive Elon Musk has maintained that the EV maker “is currently between two major growth waves”, driven by next-generation vehicles, full self-driving and other projects.
Earlier on Thursday, Tesla's chief rival for the EV market BYD reported a surge in sales. The Chinese car maker said it had sold 207,734 electric vehicles in December and 1.76 million for the year.
BYD and other Chinese car makers have been trying to increase their sales outside of China, but have faced roadblocks in other major markets such as the US, which imposed a 100 per cent tariff on Chinese-made EVs. The EU in October also ramped up tariffs on imported Chinese EVs to as much as 45.3 per cent.
Tesla is also facing increased competition from domestic and international car manufacturers including Ford, GM, Volkswagen, Hyundai and Kia. Tesla has responded by cutting prices of the Model Y, X and S.
The company's shares were trading 3.65 per cent lower at $389.12 per share during morning trading. Thursday's report followed a post-election surge for the electric car maker, whose stock ended the year up 63 per cent.
Mr Musk dominated headlines last year, spending $277 million to back president-elect Donald Trump and other Republicans during the US election campaign.
The president-elect rewarded Mr Musk by tapping him to co-lead the newly formed Department of Government Efficiency (or “Doge”), which he said was designed to cut government waste.
Tesla is due to release its fourth-quarter financial results on January 29.
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Going grey? A stylist's advice
If you’re going to go grey, a great style, well-cared for hair (in a sleek, classy style, like a bob), and a young spirit and attitude go a long way, says Maria Dowling, founder of the Maria Dowling Salon in Dubai.
It’s easier to go grey from a lighter colour, so you may want to do that first. And this is the time to try a shorter style, she advises. Then a stylist can introduce highlights, start lightening up the roots, and let it fade out. Once it’s entirely grey, a purple shampoo will prevent yellowing.
“Get professional help – there’s no other way to go around it,” she says. “And don’t just let it grow out because that looks really bad. Put effort into it: properly condition, straighten, get regular trims, make sure it’s glossy.”
German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
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Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded