Tesla(US:TSLA) Business Insiderยท2025-01-03 04:31Tesla's Sales Performance - Tesla's annual sales declined for the first time in over a decade, with 1.79 million cars sold in 2024, a 1% drop from 1.81 million in 2023 [1][3] - Tesla remains the world's largest EV maker, but Chinese rivals like BYD are closing in [1][7] Chinese EV Market Dynamics - BYD sold 1.76 million battery electric cars in 2024, a 12% increase from 1.57 million in 2023 [5] - Nio delivered 221,970 vehicles in 2024, a 38.7% increase from 160,038 in 2023 [7] - Xpeng delivered 190,068 vehicles in 2024, a 34% increase from 141,601 in 2023 [7] Tesla's Competitive Strategy - Tesla engaged in a price war to fend off rivals, slashing prices in China and offering incentives like free Supercharging and Full Self Driving (Supervised) beta software in the US [8] - Elon Musk acknowledged Chinese automakers as the most competitive globally, warning they could dominate without trade barriers [8] Market Reaction - Tesla shares fell by as much as 8% on the day of the sales announcement, trading as low as $373.40 before recovering [4]