Tesla capped off 2024 with record-breaking deliveries and energy storage deployments in the fourth quarter, but the automaker couldn’t stave off its first, albeit small, annual sales decline in over a decade.
In the final quarter of 2024, Tesla produced 459,445 vehicles and delivered over 495,570 vehicles globally. This is the highest quarterly delivery figure in the company’s history, but was short of Wall Street analysts, which were expecting over 506,000 deliveries.
For the full year, Tesla delivered 1,789,226 vehicles, narrowly missing the 1.8 million mark set in 2023, reflecting a slight 1% decline. Despite this, Tesla produced 1,773,443 vehicles at its Gigafactories around the world.
Breaking Down the Numbers
Tesla’s Q4 breakdown shows a continued strong performance in the Model 3/Y segment, which saw 436,718 vehicles produced, and 471,930 units delivered. Other models, which includes the Model S/X and Cybertruck, contributed 22,727 units to the production total and 23,640 to the delivery total.
Energy storage deployments surged to 11.0 GWh in Q4, pushing the total for 2024 to a record 31.4 GWh.
Tesla’s slower growth aligns with CEO Elon Musk’s warnings earlier in the year. On Tesla’s Q1 earnings call, Musk tempered expectations, forecasting a slowdown in growth compared to the 38% surge seen in 2023. Despite price cuts and incentives, including free Supercharging and Full Self-Driving (FSD), sales were unable to maintain the same momentum as previous years.
Looking Ahead
Despite the year-over-year decline, Tesla’s long-term prospects remain strong. The company’s expanding energy division and continued growth in storage deployments signal a strategic diversification beyond vehicles. Additionally, Tesla’s global footprint continues to grow, with expanded production capacity expected to drive future gains.
Tesla will be posting its Q4 2024 financial results on January 29, 2025, and will host a live Q&A session at 4:30 p.m. Central Time (5:30 p.m. Eastern Time).
