Tesla ended its decade of growth in 2024

Tesla has announced it delivered a total of 1,789,226 vehicles in 2024, the figure down from the 1,808,581 it delivered in 2023 and effectively ending what has been 10 years of growth for the US EV-maker.

The disappointing annual sales performance that reflected a one per cent decline in global sales was said to follow a record Q4 performance that saw Tesla deliver 495,570 cars – beating the 484,507 record set in Q4 of 2023.

Full year results for Australia have yet to be announced, although it’s unlikely that locally the US brand will turn around another disappointing performance that saw the brand enter December some 21 per cent down in the year-to-date tally.

Despite the lack of growth, Tesla CEO Elon Musk announced to investors that the car-maker’s bounce-back would begin in 2025, predicting an uplift in volumes next year of between 20 to 30 per cent thanks, in part, to more affordable models coming online in the first half of this year.

Some of Tesla's lacklustre performance can also be attributed to 2024 being a quiet year for the carmaker, with no new introductions globally.

Reduced European subsidies, US buyers’ trend to favour lower-priced hybrids and tougher competition globally were all contributing factors.

One reason for optimism if you work or invest in Tesla is the firm's recent performance in China, where many European brands had a year they'd rather forget when it came to sales.

In 2024, Tesla sales in China rose by 8.8 per cent to 657,000 cars, with the firm selling 83,000 units in December alone.

Fuelling sales in China is reportedly a 10,000-yuan ($A2150) discount on loans for its best-selling Model Y, as well as a zero-per-cent-interest finance deal for up to five years for the Model 3 and Model Y.

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