Tesla reporting its first ever annual sales drop as a public company in 2024, slowing EV adoption, increased competition, and low gas prices.
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00:00Tesla, reporting its first-ever annual sales drop as a public company in 2024.
00:07Slowing EV adoption, increased competition, and low gas prices all impacting the EV giant.
00:14Tesla trailed Chinese rival BYD by 100,000 cars in the fourth quarter, accounting for
00:19the annual drop.
00:21BYD is now Tesla's primary competition, but domestic rivals have emerged in General Motors
00:27and Ford, as well as those abroad, including Volkswagen, Hyundai, and Kia, most of which
00:33are still losing money on electric cars.
00:36Despite the news, Tesla's stock finished the year up 68%, nearly all of which came since
00:42Election Day and is attributed to Elon Musk's relationship with President-elect Trump.