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Tesla also counts China as a key market, but it has lost ground to rivals as the price war rumbles on.
Demand for electric vehicles has also softened in other regions, such as the US and Europe, creating challenges for many carmakers.
Volkswagen, Ford and General Motors were among the companies that cut sales targets or decided to delay investments in EV technology last year.
At Tesla, its boss Elon Musk has blamed weaker sales in part on the jump in borrowing costs since 2022, which has made it more expensive to buy.
Analysts have also pointed to increased competition and questions about the brand, as Musk deepens his political involvement, which has been described as controversial.
Tesla sales slumped in the first half of 2024 before starting to pick up again. In the final three months of 2024, it delivered about 495,000 cars, up 2% year-on-year and a quarterly record.
But the firm’s share price, which surged more than 60% last year, fell 5% in morning trade, as the figure came in below the roughly 500,000 forecast by analysts.
“If you don’t meet expectations, it can be pretty tough out there,” said Christopher Carey of the Carnegie Investment Council.
