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Tesla, headed by Elon Musk, faced a decrease in sales last year, selling almost 1.79 million cars compared to 1.8 million in 2023. Despite price reductions, Tesla’s market share declined with competitors like China’s BYD rising.
BYD witnessed a significant increase of over 41% in total vehicle sales in 2024, reaching more than 4.2 million units, mainly driven by hybrid car sales within China, where it competes with global giants like Volkswagen and Toyota.
Challenges in the EV market were felt globally as sales softened in regions like the US and Europe. Companies like Volkswagen and Ford revised their sales targets due to increased competition and changing consumer preferences.
In the face of stiff competition, Tesla’s sales initially dropped in 2024 but showed a slight recovery by delivering a record 495,000 cars in the last quarter, albeit missing analysts’ forecasts.
Other global carmakers, like Honda and Nissan, engaged in merger talks to combat Chinese competition, while Stellantis’s CEO, Carlos Tavares, resigned following a profit warning.
