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Globe/wire say Tesla's deliveries decline in Q4

2025-01-03 08:43 ET - In the News

The Globe and Mail reports in its Friday edition that Tesla has suffered its first decline in annual deliveries, as the automaker handed over fewer-than-expected electric vehicles in the fourth quarter and incentives failed to boost demand for its aging lineup of models. A Reuters dispatch to The Globe says that its shares fell 6 per cent, indicating investor worries over the challenges facing chief executive officer Elon Musk, who expected promotions including zero-interest financing to power a "slight growth" in deliveries in 2024. Tesla faced reduced European subsidies, a shift toward lower-priced hybrid vehicles and tougher competition, especially from China's BYD. In response, Mr. Musk pivoted Tesla to self-driving taxis and backed president-elect Donald Trump with millions of dollars in campaign donations in hopes that it could bring regulatory relief for the company. Tesla handed over 495,570 vehicles in the three months to Dec. 31, missing estimates of 503,269 units, according to 15 analysts polled by LSEG. It produced 459,445 vehicles in the period, down 7 per cent from a year ago. Deliveries for 2024 totalled 1.79 million, 1.1 per cent lower than a year ago and below estimates of 1.80 million units.

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