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Tesla’s Annual Deliveries Decline for the First Time Amid Weak Demand and Rising Competition

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Tesla, the world’s leading electric vehicle (EV) maker, reported its first-ever annual decline in deliveries in 2024, with total deliveries falling 1.1% to 1.79 million units. The decline comes despite CEO Elon Musk’s earlier prediction of “slight growth” and an array of year-end incentives, including interest-free financing and free fast-charging. These efforts failed to counteract high borrowing costs, aging models, and increasing competition, particularly from China’s BYD.

Tesla’s quarterly deliveries in the fourth quarter totaled 495,570 vehicles, missing analysts’ estimates of 503,269 units. The company produced 459,445 vehicles in the same period, down 7% year-on-year. For the year, Tesla delivered 471,930 Model 3 and Model Y vehicles and 23,640 units of other models, including the Model S, Model X, and the newly launched Cybertruck. However, Tesla has not disclosed specific delivery figures for the Cybertruck, which has shown signs of soft demand despite its futuristic design.

Challenges in Global Markets

Tesla faced significant headwinds globally in 2024. Reduced subsidies in Europe, a consumer shift in the U.S. toward lower-priced hybrid vehicles, and tougher competition from Chinese EV makers contributed to the decline. Notably, Tesla’s October registrations in Europe dropped 24%, with Volkswagen’s Skoda Enyaq SUV dethroning the Model Y as the region’s best-selling EV, according to JATO Dynamics.

In the U.S., Tesla’s challenges were compounded by potential policy changes under President-elect Donald Trump. The Trump administration is reportedly considering ending the $7,500 federal tax credit for EV purchases in 2025, a move analysts believe could further slow the adoption of EVs in the country.

Bright Spot: Record Sales in China

China, Tesla’s second-largest market, was a rare bright spot. The company achieved record sales of over 657,000 vehicles in the country, an 8.8% increase from 2023. Aggressive discounts and incentives helped Tesla outperform in the world’s largest auto market, even as global deliveries declined.

BYD, Tesla’s closest competitor, reported a 12.1% rise in global EV sales to 1.76 million units in 2024. BYD’s success was driven by competitive pricing and strong growth in Asian and European markets, intensifying competition for Tesla.

Future Prospects and Musk’s Strategic Shift

With demand for its current lineup nearing saturation, Musk is pivoting Tesla’s focus toward building a self-driving taxi business, a venture he expects to significantly boost the company’s value. However, autonomous driving technology is still years away from full commercialization, leaving Tesla reliant on its upcoming cheaper car models and the Cybertruck to meet its ambitious 20%-30% growth target for 2025.

Musk has also positioned himself as a key ally of the incoming Trump administration, donating millions to Trump’s campaign. Musk plans to use his influence to advocate for federal approval of autonomous vehicles to replace state-specific regulations, which he described as cumbersome.

Investor Reactions and Outlook

Tesla’s shares fell 6% after the announcement of its delivery decline, with analysts raising concerns about the company’s growth trajectory and the market saturation of its current models. Morningstar analyst Seth Goldstein highlighted that slower deliveries reduce Tesla’s potential market for ancillary services like autonomous driving software, charging, and insurance.

Analysts remain cautious about Tesla’s ability to rebound. The company faces intensifying competition, regulatory uncertainty, and the challenge of rejuvenating consumer demand in a slowing EV market.

 

MAGA Figures Accuse Elon Musk of Retaliation Over H-1B Visa Dispute

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A rift between MAGA supporters and Elon Musk has escalated into accusations that the tech billionaire is using his platform, X (formerly Twitter), to silence dissent over his pro-H-1B visa stance. Musk’s advocacy for the program, which allows highly skilled foreign workers to enter the U.S., has sparked criticism from prominent Trump allies, including Laura Loomer, Ann Coulter, and former Congressman Matt Gaetz.

Musk, the CEO of Tesla and SpaceX and President-elect Donald Trump’s pick to lead the newly created Department of Government Efficiency, has defended the H-1B visa program, emphasizing its importance for maintaining U.S. competitiveness in technology and innovation. “If you want your TEAM to win the championship, you need to recruit top talent wherever they may be,” Musk posted on X, adding that “bringing in via legal immigration the top ~0.1% of engineering talent” is “essential for America to keep winning.”

The defense of the visa program has drawn backlash from Trump loyalists. Laura Loomer, a far-right activist and outspoken Trump supporter, claimed that Musk retaliated by removing her verification badge on X and blocking her ability to earn revenue from paid subscriptions on the platform. Loomer, who has over 1.4 million followers, called Musk “a free speech fraud” and accused him of silencing her for opposing the H-1B program.

Conservative PAC, led by chairman Preston Parra, also reported that 53 accounts linked to the organization lost their verification badges. Parra expressed outrage, stating, “If anyone thinks the REAL backbone of the right wing and MAGA is gonna stand idly by while these big tech gillionaire Silicon Valley dweebs… steal our country, they’re mistaken.”

Musk has not publicly addressed the removal of badges but dismissed Loomer’s claims, posting that “Loomer is trolling for attention.” CNN has reached out to X and Loomer for comment, but no responses have been received.

The controversy highlights a growing tension within the MAGA movement over immigration policies, particularly as Musk’s pro-immigration stance contrasts with Trump’s critical position on the H-1B program. It also underscores the broader debate about free speech and platform governance, with Musk’s actions drawing scrutiny amid his claims of promoting open dialogue on X.

 

OpenAI Adopts Public Benefit Corporation Structure to Attract Investment for AI Development

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OpenAI, the company behind ChatGPT, has announced plans to restructure as a Delaware-based public benefit corporation (PBC) to secure additional funding needed for its ambitious artificial intelligence (AI) development. The move aims to balance societal interests with shareholder value as the company navigates the costly race toward artificial general intelligence (AGI).

Initially launched as a nonprofit in 2015, OpenAI transitioned to a for-profit model in 2019 to fund AI research. The latest restructuring reflects the need for further flexibility, particularly to attract substantial investment. OpenAI’s latest funding round of $6.6 billion, which valued the company at $157 billion, was contingent on changes to its corporate structure, including the removal of profit caps for investors.

In a blog post, OpenAI explained that this transition is critical to maintaining its mission and competing with well-funded rivals such as Anthropic and xAI, which operate under similar structures. “The hundreds of billions of dollars that major companies are now investing into AI development show what it will really take for OpenAI to continue pursuing the mission,” the company stated.

The nonprofit parent will retain significant interest in the new PBC through shares, ensuring resources remain aligned with the company’s broader mission. OpenAI claims this will position its nonprofit arm as one of the “best-resourced nonprofits in history.”

The transition to a PBC has drawn mixed reactions. Advocates suggest this move is essential for OpenAI’s continued innovation, while critics express concerns over whether the public benefit mission will be sufficiently prioritized over profit. Ann Lipton, a corporate law professor, noted that while PBC status signals a company’s intent to prioritize societal goals, enforcement depends heavily on shareholders’ willingness to hold the company accountable.

The restructuring comes amid legal disputes and external criticism. Elon Musk, an OpenAI co-founder who later left the company, has filed a lawsuit alleging OpenAI prioritizes profit over its stated public mission. Musk’s lawsuit is one of several challenges the company faces as it pursues its new structure.

Despite these obstacles, OpenAI is pushing forward, asserting that this transformation is necessary to remain competitive in the AI space while staying true to its mission of ensuring AI benefits humanity.