Tesla reports first-ever annual sales drop; stock crashes
Elon Musk-led Tesla reported first full-year drop in sales in its history as a public company. Tesla deliveries for 2024 were 1.79 million, 1.1% lower than a year ago. Reduced European subsidies, a shift in the US towards cheaper hybrid vehicles, and tougher competition from China's BYD pressured the company. Tesla shares crashed at least 5% following the news.