Yesterday, Tesla reported its first annual drop in electric vehicle deliveries in more than a decade, reported the Washington Post.

“The company delivered about 1.79 million vehicles in 2024, a slight decrease from 1.81 million in 2023. Although Tesla delivered a record 496,000 vehicles in the fourth quarter, that was less than many Wall Street analysts’ expectations of more than 500,000,” wrote the Post.

The year-over-year global sales drop is Tesla’s first since 2011, according to analytics firm Global Data. The company sold 1,306 vehicles in 2010, but that dropped slightly to 1,129 the following year, according to the Associated Press.

“In 2022, Tesla predicted that its sales would grow 50% most years, but the prediction ran into an aging model lineup and increased competition in China, Europe and the U.S. In the U.S., analysts say most early adopters of technology already own electric vehicles, and more mainstream buyers have concerns about range, price and the ability to find charging stations on longer trips,” wrote AP.

Tesla is reportedly on track to launch more affordable electric vehicles in the first half of 2025 and expects 20% to 30% vehicle sales growth for the next year, Elon Musk said in a 2024 earnings call.

“To meet Tesla management’s guidance of 20% to 30% annual sales growth this year, the company will need to come out with a vehicle priced in the mid $30,000’s to appeal to more mainstream buyers who might be considering gas, electric or hybrid vehicles,” reported AP.

“Tesla has said it plans to launch its self-driving robotaxi service in late 2025—another initiative the Trump administration could expedite by laying out a path to approve and regulate the next generation of robotic vehicles,” wrote the Post.