A surge of promotional deals in the fourth quarter failed to stimulate sales enough to top the prior-year results.

After growing at least 35% every year from 2016 to 2023, Tesla’s year-over-year vehicle delivery growth slumped to -1% in 2024.

Tesla shares sank Thursday morning after the electric vehicle maker reported fewer deliveries than analysts had expected for the fourth quarter.

Tesla stock took a dive in morning trading on Thursday after the company announced lower figures than expected for deliveries and fourth-quarter production.

Tesla's annual deliveries fell for the first time in 2024 despite the electric automaker handing over a record number of units in the fourth quarter, indicating tepid demand for its aging line-up of models.

Tesla reported record fourth-quarter deliveries early Thursday, but the number came in below analyst expectations as the company failed to hit its target of annual vehicle unit growth compared to 2023.

Tesla (NASDAQ:TSLA) reported deliveries of 495,570 for Q4 to fall well short of the consensus estimate for a tally of 506,673 vehicles. The electric vehicle maker said it produced 459,445 vehicles during the quarter.

Tesla reports fourth-quarter vehicle deliveries of 495,570, up from a year earlier but below estimates of about 507,000.

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