Tesla Achieves Record China Sales in 2024 Despite Global Decline

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Tesla has reported an 8.8% increase in its China sales for 2024, reaching a record high of more than 657,000 vehicles, marking a strong performance in the face of declining global deliveries. This rise in China, which is Tesla’s second-largest market, contrasts with the company’s overall global sales, which experienced a 1.1% drop for the first time. In December alone, Tesla’s sales in China surged 12.8% from November, reaching another record of 83,000 units.

Tesla’s success in China accounted for 36.7% of its total global deliveries in 2024. Despite this achievement, global deliveries slipped due to a variety of challenges, including a decrease in exports from China by 24%. Factors such as reduced European subsidies, a U.S. shift toward more affordable hybrid vehicles, and rising competition, particularly from China’s BYD, negatively impacted Tesla’s performance.

Tesla’s China-made EVs also faced some setbacks, with exports to Europe and other markets falling by 0.4% in December compared to the previous year. Full-year sales of Tesla’s China-made Model 3 and Model Y vehicles, including both domestic and export figures, saw a 3.3% decline. Exports dropped to approximately 260,000 units, marking the worst performance for Tesla since 2021. The European Union’s investigation into Chinese-made EV subsidies, which led to a 7.8% tariff on Tesla vehicles from China, also contributed to the decline in exports.

John Zeng, an expert at GlobalData, noted that Tesla’s record China sales reflect the unique position of the Chinese market, which remains a significant growth driver in the global electric vehicle sector. In contrast, other major markets are seeing slower growth or even declines. According to industry data, China accounts for a dominant share of the global EV and hybrid market, with over 90% of the increase in global sales attributed to the country in 2024.

Although Tesla’s global sales reached 1.79 million vehicles in 2024, narrowly surpassing BYD’s sales of 1.76 million units, it faces increasing competition from Chinese manufacturers. BYD, in particular, has led the EV price war in China and exceeded its own sales targets, with a 12.1% increase in global sales. Tesla, in response to mounting competition, has been offering discounts and zero-interest financing to maintain its market position in China.

 

US Bank Regulator Cautions Banks on Crypto but Stops Short of Halting Crypto Business

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In a series of documents released on Friday, the Federal Deposit Insurance Corporation (FDIC) clarified that it advised banks to pause direct engagement in cryptocurrency activities in 2022 and 2023, but did not order banks to stop offering banking services to crypto companies. This comes amid complaints from the crypto industry, which claims widespread “debanking” by traditional banks. The release of these documents follows a lawsuit filed by Coinbase, which sought to reveal the FDIC’s supervisory actions towards banks interacting with the crypto sector.

The FDIC’s guidance, provided in “pause letters” sent to various banks, emphasized the risks of directly holding crypto assets, but did not mandate that banks sever ties with crypto clients or cut off banking services for crypto companies. In contrast, the regulator issued instructions to pause or slow down crypto ventures and requested detailed clarifications from banks exploring direct involvement with crypto.

Coinbase’s legal team, alongside other crypto advocates, has criticized the regulator’s stance as an attempt to stifle the sector. Meanwhile, the FDIC published a 2022 internal memo to further clarify the difference between traditional banking services for crypto firms—such as offering deposit accounts—and direct crypto activities, like holding or trading crypto assets. The memo suggests stricter scrutiny for direct crypto engagement.

The timing of the document release is significant, coinciding with President-elect Donald Trump’s upcoming inauguration. His administration is expected to announce a broader crypto policy overhaul, with reports indicating that he may issue an executive order encouraging regulators to ease their stance on the industry.

TikTok Faces Utah Lawsuit Over Alleged Exploitation of Children in Livestreams

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TikTok is accused of knowingly exploiting children through its livestream feature, TikTok Live, as outlined in newly unsealed court documents in a lawsuit filed by the state of Utah. The state’s Division of Consumer Protection claims TikTok ignored the dangers posed by its livestreams, which allegedly facilitated sexual exploitation and connected minors with adult predators in real time. Utah’s Attorney General, Sean Reyes, argues that TikTok turned a blind eye because it profited significantly from these activities.

The lawsuit cites internal TikTok communications and investigations, including Project Meramec, which found that children aged 13-15 bypassed age restrictions and were allegedly groomed for sexual acts in exchange for virtual gifts. Another investigation, Project Jupiter, revealed that TikTok Live was used for illegal activities such as money laundering, drug trafficking, and terrorism funding. TikTok has denied the accusations, emphasizing the safety measures it has implemented, and claims that the complaint selectively uses outdated and misleading information.

The case is part of broader concerns over TikTok’s potential dangers to minors, with other U.S. states also pursuing legal actions for similar issues. The lawsuit is set against the backdrop of ongoing discussions about a potential U.S. ban on TikTok, with President Joe Biden signing a law in April 2024 authorizing the ban over national security concerns.