The rise of Tesla Inc's (NASDAQ:TSLA) Cybertruck U.S. sales last year weighed heavily on the company's other luxury offerings, including the Model S sedan and the Model X SUV, according to recent data from an auto research firm Kelley Blue Book.
What happened: Tesla sold 12,991 Cybertrucks in the US in the fourth quarter of 2024 and 38,965 for the year, the data showed. Tesla began deliveries of the Cybertruck in late November 2023, making 2024 the vehicle's first full year of deliveries.
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However, as the company scaled up Cybertruck deliveries, Model S and X sales took a big hit. While Model S sales fell 31% to 12,426 units last year, Model X sales fell 20% to 19,855 units.
In fact, the company sold only 32,281 Model S and X cumulatively, or fewer units than the Cybertruck.
Tesla's total U.S. deliveries fell 5.6% year over year to 633,762 units in 2024, fueling the global delivery decline. According to the data, sales declined in the company's Models 3, X, Y and S.
Tesla does not provide data on vehicle delivery by region, which means we rely on third parties for this purpose.
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Why it's important: Despite the year-over-year decline in overall sales, Tesla's Model Y SUV retained its position as the best-selling EV in the US, followed by the Model 3 sedan. Ford's Mustang Mach-E took third place on the list of best-selling electric vehicles, followed by the Hyundai Ioniq 5 in fourth place.
Tesla reported its first decline in global annual vehicle deliveries earlier this month. The company delivered 1,789,226 vehicles in 2024, down 1.1% from the 1,808,581 deliveries reported for 2023.
However, the company remains the best-selling EV brand in the US by a huge margin, followed by Ford which sold just 97,865 EVs last year.
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