Tesla Expects Significant Slowdown in Sales in 2024

Tesla announced its Q4 2023 earnings and predicted a noticeable slowdown in its car business growth for 2024. Tesla has been criticized for not providing clear guidance, even though there are aspects of its business that are more cost-effective than other carmakers because it owns the entire distribution business rather than a dealer system.

The future guidance announced this time suggests two major growth trends. The first growth began with the global expansion of the Model 3 and Model Y platforms, and the next growth is expected to start with the global expansion of the next-generation vehicle platform. As they are working on launching the next-generation model at Gigafactory Texas, they forecasted that the vehicle production growth rate in 2024 could be significantly lower than the growth rate achieved in 2023. Elon Musk said at the end of 2023 that 2024 would be a very tough year due to issues such as high-interest rates.

In 2023, Tesla’s new car sales increased by 38% compared to the previous year. On the other hand, the energy storage business grew by a whopping 135%. In 2024, the distribution and revenue growth rate of the energy storage business is expected to surpass the car business.

By. Global Auto News