Tesla sold over 1.79 million vehicles globally in 2024, a 1.1% drop compared to its 2023 sales of 1.81 million. This marks the company’s first sales decline since 2011, which is attributed to slowing demand and increased competition in the EV market.

Despite posting 2.3% increase in sales during the final quarter of 2024 – Tesla sold 495,570 vehicles between October to December – the company’s sales performance in previous quarters were not quite as encouraging. In Malaysia itself, Tesla actually discounted the Model 3 and Model Y in a bid to boost its sales in our market.

While Tesla’s sales dropped in 2024, it still edges out one of its biggest competition, BYD; the Chinese carmaker sold about 1.77 million EVs last year. However, BYD’s total 2024 global sales actually jumped up by 41%, thanks to its range of PHEV models. As many as 2.48 million passenger PHEVs were sold by BYD last year, accounting for 58.5% of the company’s global sales.

For 2025, Tesla is expected to give the Model Y a facelift. Codenamed Juniper, the updated electric SUV is said to feature a refreshed design for both the exterior and interior. A faster Performance model of the Model Y is also supposedly on the cards, which may be able to boost Tesla’s sales in 2025.