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Tesla reported yesterday that it had delivered 495,570 cars in the last three months of the year, and 1,789,226 in 2024 as a whole. As Heatmap’s Matthew Zeitlin noted, that represents a decline in annual sales from 2023 — Tesla’s first annual decline in more than 10 years, back when the company’s deliveries were counted in the hundreds or single-digit thousands — although the fourth quarter figure is a record for quarterly deliveries. Tesla had forecast around 515,000 deliveries to meet its “slight growth” goals. The company had cited “sustained macroeconomic headwinds” weighing on the broader electric vehicle market in its most recent investor letter, and again referred to “ongoing macroeconomic conditions” to explain the miss on deliveries. While Tesla’s car business appears to have stalled to some extent, the energy storage business is another story. The company said that in the fourth quarter of last year it had deployed 11 gigawatt-hours of storage, and 31.4 gigawatt-hours in the year as a whole. If Tesla’s deployment rate in 2025 merely matched its fourth quarter rate, it would mean 40% annual growth.
President Biden is expected to issue an executive order permanently banning new offshore oil and gas drilling in large sections of U.S. coastal waters, Bloombergreported, citing unnamed sources. As soon as Monday, Biden will invoke the Outer Continental Shelf Lands Act, a 72-year-old law that gives the president authority to ban drilling, but doesn’t include any wording to allow presidents to revoke a ban. That means President-elect Donald Trump will not be able to easily reverse the move. Environmental groups applauded the report. “Restricting offshore drilling is a big win for the climate, marine wildlife, coastal communities, and economies, and would be yet another chapter in President Biden’s historic climate legacy,” said Ben Jealous, executive director of the Sierra Club. Fossil fuel groups, naturally, were less thrilled.
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Monthly sales of electric vehicles in the U.S. were up 11.5% year-over-year in November, according to new data from the Joint Office of Energy and Transportation. Just over 141,400 plug-in EVs were sold in November alone, bringing the total for the whole year to about 1.4 million, up 9% from the same period in 2023. New electric models like Honda’s Prologue and Chevrolet’s Equinox are helping drive the increase: Sales for both rose nearly 70% between October and November. Meanwhile, more and more new charging ports are being installed across the country, with 2,490 added in November, bringing the total to 205,000.
Morgan Stanley has become the latest lending giant to part ways with the Net-Zero Banking Alliance. The investment bank announced yesterday it would leave the world’s largest banking climate coalition, following recent departures by Citigroup, Bank of America, Wells Fargo, and Goldman Sachs. The firms have said they remain committed to their internal net zero goals, but the exodus is “the latest sign corporate America may retreat from climate goals during Donald Trump’s second term as U.S. president,” the Financial Timesnoted.
“The main buyers of [gas-powered] cars in Norway are rental companies because many tourists are not familiar with EVs.” –Ulf Tore Hekneby, head of Norway's biggest car importer. In 2024, battery-powered vehicles made up 90% of new car sales in the Scandinavian country.
