Tesla reported the first full-year drop in sales in its history as a public company Thursday, as increased competition and slowing demand for electric vehicles hit its results.
The company reported fourth-quarter sales of 495,570 vehicles, up 2% from what it sold a year earlier. But that left it far behind the 595,413 pure EVs sold by Chinese rival BYD in the quarter. Tesla’s full-year sales of 1.8 million vehicles nonetheless edged out BYD’s annual EV total by 24,000, to retain the title of world’s largest EV maker.
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