The rise of Tesla Inc‘s (NASDAQ:TSLA) Cybertruck sales in the U.S. last year weighed heavily upon the company’s other luxury offerings including the Model S sedan and the Model X SUV, according to recent data from automotive research firm Kelley Blue Book.
What Happened: Tesla sold 12,991 Cybertrucks in the fourth quarter of 2024 in the U.S. and 38,965 in the whole year, the data showed. Tesla started delivering the Cybertruck in late November 2023, making 2024 the first whole year of the vehicle’s deliveries.
However, while the company scaled Cybertruck deliveries, its Model S and X sales took a major hit. While Model S sales dropped 31% to 12,426 units last year, Model X sales dropped 20% to 19,855 units.
In fact, the company cumulatively sold just 32,281 Model S and X, or fewer units than the Cybertruck.
Tesla’s overall deliveries in the U.S. dropped by 5.6% year-on-year in 2024 to 633,762 units, spurring its global delivery decline. Sales declined across the company’s lineup of Model 3, X, Y, and S, as per the data.
Tesla does not provide vehicle delivery data by geography, leaving us to rely on third parties for the purpose.
Why It Matters: Despite the year-on-year drop in overall sales, Tesla’s Model Y SUV retained its position as the best-selling EV in the U.S., followed by the Model 3 sedan. Ford’s Mustang Mach-E took third place in the best-selling EVs listicle, followed by the Hyundai Ioniq 5 in fourth place.
Tesla reported its first fall in global annual vehicle deliveries earlier this month. The company delivered 1,789,226 vehicles in 2024, 1.1% less than the 1,808,581 deliveries reported for 2023.
However, the company continues to be the best-selling EV brand in the U.S. by a huge margin, followed by Ford who sold just 97,865 EVs last year.
Price Action: Tesla stock is up 2.5% in pre-market trading on Tuesday after Morgan Stanley hiked its price target from $400 to $430 on Monday while maintaining an “overweight” rating.
Tesla has a consensus price target of $294.23 based on the ratings of 34 analysts tracked by Benzinga and a consensus “neutral” rating.
The stock closed up 2.2% at $403.31 on Monday and is up by about 3.4% year-to-date, according to data from Benzinga Pro.
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