Tesla’s sales dropped in 2024 for the first time in over a decade, falling about 1% to 1.79 million cars, as demand weakened and competition increased. Despite price cuts to attract buyers, the company faced challenges, including a slowdown in global EV demand, rising borrowing costs, and growing competition from China’s BYD, which reported 1.76 million EV sales and saw a 41% overall sales increase. BYD has gained significant ground, especially in China, benefiting from lower prices and government incentives. Tesla’s share price fell after missing its sales forecast, and analysts point to Elon Musk’s controversial political involvement and the global EV price war as factors in the slowdown.