Tesla’s stock dropped by more than 6% on Thursday, while Nikola surged over 8%, showcasing mixed trends in the U.S. electric vehicle (EV) market.
On Thursday’s New York Stock Exchange trading session, Tesla fell 6.08%, closing at $379.28, while Rivian dropped 0.38%. In contrast, Nikola surged 8.40%, and Lucid gained 0.33%.
Tesla’s 6.08% decline is attributed to its fourth-quarter delivery figures, which fell short of market expectations.
Before the opening bell, Tesla announced it had delivered 495,930 vehicles globally in the fourth quarter, missing Bloomberg’s estimated 514,000 units.
In 2024, Tesla delivered 1.8 million vehicles annually, 24,000 more units than Chinese competitor BYD, maintaining its position as the world’s top EV seller.
However, this figure represents a 1% year-over-year decline, marking the first annual sales drop in Tesla’s history. This news likely fueled the day’s sharp stock decline.
Tesla faced particular headwinds in Europe. According to European Automobile Manufacturers Association data, Tesla sold 283,000 vehicles in Europe from January through November, down 14% from the previous year.
Sales were also under pressure in China. Tesla’s flagship Model Y sales increased by over 5% year over year, but this growth lagged behind the 8% increase recorded by Chinese competitors.
Tesla managed to maintain previous sales levels only in North America, resulting in a global year-over-year decline.
This fourth-quarter delivery report follows a significant year-end rally for Tesla’s stock. The company’s shares surged 63% in 2024, hitting an all-time high in mid-December, partly due to the Trump effect.
As Tesla tumbled, its rival Rivian also slipped 0.38% to close at $13.25.
In contrast, Lucid’s price increased 0.33% to $3.03, while Nikola’s price soared 8.40% to $1.29.
The reasons behind Nikola’s dramatic surge remain unclear.