Tesla sales drop in 2024

(CNN)– 2024 was not Tesla’s best year.

The electric vehicle maker saw its yearly sales drop for the first time a public company.

Tesla sold 1.8 million vehicles last year. That’s 1% lower than in 2023.

But it was enough to keep Tesla as the world’s largest EV maker.

The company has faced increased competition from Chinese rivals as well as global automakers like GM, Ford, and Hyundai.

Tesla has responded to the slowing demand by cutting vehicle prices with in both China and the U.S.