Tesla Inc.’s annual vehicle sales dropped for the first time in more than a decade despite a year-end push that sent deliveries to a record in the fourth quarter.

The Elon Musk-led company sold 1.79 million vehicles last year, it said Thursday, which was slightly less than what it delivered in 2023 and also below analysts’ consensus estimate.

The results offer a sobering reminder of the real-world challenges for EV makers, even as hype around driverless cars and Musk’s closeness with President-elect Donald Trump have sent Tesla’s stock soaring in recent months. Lukewarm consumer demand is weighing on sales of electric cars, an issue that could be exacerbated by Trump’s push to rein in EV incentives.

For the quarter ended Dec. 31, it delivered 495,570 vehicles, missing the 512,277 projection. It needed to sell nearly 515,000 vehicles in the quarter to meet its goal for “slight” growth in the full year.

In a note to clients, Barclay’s analyst Dan Levy wrote that the data offered “no change to narrative, but reinforces challenge for ‘25 growth on existing models, reliance on still unknown Model 2.5.”

Tesla setbacks in 2024 included an arson attack at its Berlin factory, shipping diversions and an industry-wide slowdown in EV sales. And it has told investors that demand for its all-electrics is between two major growth waves. In April, the Austin-based automaker cut more than 10% of its workforce, including sales staff.

Even so, Tesla said in October that it expected to achieve modest growth in its deliveries for 2024. The EV maker had pushed deals related to financing, charging and leases to end-of-year buyers.

Jobless claims fall to 211,000

The number of Americans applying for unemployment checks dropped last week to the lowest level since March, suggesting that suggest most U.S. workers continue to enjoy unusually high job security.

Jobless claims dropped by 9,000 to 211,000 last week, the Labor Department reported Thursday. The four-week average, which strips out week-to-week ups and downs, fell by 3,500 to 223,250.

The overall numbers receiving unemployment benefits fell by 52,000 to 1.84 million, the lowest since September.

Through November, employers added an average of 180,000 jobs a month in 2024, down from 251,000 in 2023, 377,000 in 2022 and a record 604,000 in 2021. Still, even the diminished job creation is solid and a sign of resilience in the face of high interest rates.

When the Labor Department releases hiring numbers for December on Jan. 10, they’re expected to show that employers added 160,000 jobs last month.

Apple to pay $95M in Siri case

Apple has agreed to pay $95 million to settle a lawsuit accusing the privacy-minded company of deploying its virtual assistant Siri to eavesdrop on people using its iPhone and other trendy devices.

The proposed settlement filed Tuesday in an Oakland federal court would resolve a lawsuit revolving around allegations that Apple surreptitiously activated Siri to record conversations through iPhones and other devices equipped with the virtual assistant for more than a decade.

The alleged recordings occurred even when people didn’t seek to activate the virtual assistant with the trigger words, “Hey, Siri.” Some of the recorded conversations were then shared with advertisers in an attempt to sell their products to consumers more likely to be interested in the goods and services, the lawsuit asserted.

Apple isn’t acknowledging any wrongdoing in the settlement, which still must be approved by U.S. District Judge Jeffrey White. Lawyers in the case have proposed scheduling a Feb. 14 court hearing in Oakland to review the terms.

Cybertruck joins EV-credit list

Tesla’s Cybertruck qualifies for up to $7,500 in U.S. tax credits for the first time this year, part of reshuffling under tougher rules that took effect on Jan. 1 that also newly disqualify other electric vehicles for federal subsidies.

The number of EVs and plug-in hybrids currently qualified for a credit is 18 models, down from 22 last year, according to the Department of Energy and Environmental Protection Agency. The credit reclassification, part of President Joe Biden’s signature Inflation Reduction Act, tightens domestic sourcing requirements for battery parts and the raw materials used to build them.

Compiled from Bloomberg and Associated Press reports.