Tesla's annual deliveries dropped for the first time last year, the company reported on Thursday, as the electric vehicle maker faces increasing global competition.
The company delivered roughly 1.79 million vehicles last year, short of the roughly 1.8 million vehicles it delivered in 2023. It delivered a record 495,570 vehicles in the fourth quarter, although it fell short of analysts' estimates of 504,000 to 515,000.
It needed to deliver at least 515,000 electric vehicles in the fourth quarter to surpass its 2023 annual performance.
Tesla's Model 3 and Y vehicles accounted for 1.7 million deliveries, compared to 85,000 for its other models.
Chief executive Elon Musk has maintained that the EV maker “is currently between two major growth waves”, driven by next-generation vehicles, full self-driving and other projects.
Earlier on Thursday, Tesla's chief rival for the EV market BYD reported a surge in sales. The Chinese car maker said it had sold 207,734 electric vehicles in December and 1.76 million for the year.
BYD and other Chinese car makers have been trying to increase their sales outside of China, but have faced roadblocks in other major markets such as the US, which imposed a 100 per cent tariff on Chinese-made EVs. The EU in October also ramped up tariffs on imported Chinese EVs to as much as 45.3 per cent.
Tesla is also facing increased competition from domestic and international car manufacturers including Ford, GM, Volkswagen, Hyundai and Kia. Tesla has responded by cutting prices of the Model Y, X and S.
The company's shares were trading 3.65 per cent lower at $389.12 per share during morning trading. Thursday's report followed a post-election surge for the electric car maker, whose stock ended the year up 63 per cent.
Mr Musk dominated headlines last year, spending $277 million to back president-elect Donald Trump and other Republicans during the US election campaign.
The president-elect rewarded Mr Musk by tapping him to co-lead the newly formed Department of Government Efficiency (or “Doge”), which he said was designed to cut government waste.
Tesla is due to release its fourth-quarter financial results on January 29.
Teams in the EHL
White Bears, Al Ain Theebs, Dubai Mighty Camels, Abu Dhabi Storms, Abu Dhabi Scorpions and Vipers
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
More coverage from the Future Forum
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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Under 12 – Minerva Academy
Under 14 – Unam Pumas
Under 16 – Fursan Hispania
Under 18 – Madenat
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UAE currency: the story behind the money in your pockets
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The Transfiguration
Director: Michael O’Shea
Starring: Eric Ruffin, Chloe Levine
Three stars
Five famous companies founded by teens
There are numerous success stories of teen businesses that were created in college dorm rooms and other modest circumstances. Below are some of the most recognisable names in the industry:
- Facebook: Mark Zuckerberg and his friends started Facebook when he was a 19-year-old Harvard undergraduate.
- Dell: When Michael Dell was an undergraduate student at Texas University in 1984, he started upgrading computers for profit. He starting working full-time on his business when he was 19. Eventually, his company became the Dell Computer Corporation and then Dell Inc.
- Subway: Fred DeLuca opened the first Subway restaurant when he was 17. In 1965, Mr DeLuca needed extra money for college, so he decided to open his own business. Peter Buck, a family friend, lent him $1,000 and together, they opened Pete’s Super Submarines. A few years later, the company was rebranded and called Subway.
- Mashable: In 2005, Pete Cashmore created Mashable in Scotland when he was a teenager. The site was then a technology blog. Over the next few decades, Mr Cashmore has turned Mashable into a global media company.
- Oculus VR: Palmer Luckey founded Oculus VR in June 2012, when he was 19. In August that year, Oculus launched its Kickstarter campaign and raised more than $1 million in three days. Facebook bought Oculus for $2 billion two years later.
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