A Tesla with its logo covered in snow in Norway in January 2025 (Jakub Porzycki/Getty Images)

Tesla is struggling in the US as its aging lineup faces new competition

Elon Musk’s electric-car company is looking more and more like struggling European automakers.

1/14/25 9:42AM

Last year, electric-vehicle sales in the US grew to 1.3 million, up 7.3% from 2023, according to a new report by Cox Automotive. But sales of Teslas, the top-selling EV maker in the country, declined by nearly 40,000 (or 5.6%) in 2024, as its aging lineup faces new competition.

That puts Elon Musk’s electric-car company more in line with struggling European automakers like Volkswagen and Mercedes-Benz. But as Sherwood previously noted, lower vehicle sales would typically cause a company’s stock to drop. That hasn’t been the case with Tesla, whose stock has been riding high on Donald Trump’s victory in the presidential election. Analysts have even made the bull case that Tesla’s stock could double as it transitions from electric vehicles to a yet to be executed autonomous ride-sharing business.

While Tesla’s global delivery numbers declined about 1% overall in 2024 — its first annual drop in more than a decade — growth in other markets like China helped offset the larger US decline. Tesla doesn’t break out regional deliveries, but Cox’s numbers track with other analyst estimates.

Despite the drop, Tesla still represented 44% of EV sales in the US in Q4, Cox data shows. It was followed by Ford at 8%.

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American Airlines joins the flock, hiking bag fees amid higher jet fuel prices

American Airlines on Thursday announced that it, too, will be hiking the fees it charges customers to check luggage.

With the move, all four of the major US airlines, which together control about 80% of the US market, have now hiked their baggage fees in recent days amid surging jet fuel prices.

The change will go into effect on tickets bought on or after Thursday, the same day Southwest’s hike begins.

Since late March, JetBlue, Delta Air Lines, United Airlines, Canada’s WestJet, and Southwest have hiked their fees. Experts expect more major carriers to follow, and to potentially tweak the pricing of other ancillary revenue sources like seat assignments and carry-on luggage.

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The change will go into effect on tickets bought on or after Thursday, the same day Southwest’s hike begins.

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Less than a year after implementing them, Southwest is also hiking its bag fees

Southwest Airlines has joined the growing list of airlines opting to hike their bag fees amid sustained higher jet fuel costs.

Starting today, the first checked bag at the carrier — which implemented bag fees less than a year ago — will jump from $35 to $45, and the second from $45 to $55. Southwest quietly disclosed the change Tuesday.

Southwest assigned the decision to “part of an ongoing analysis of the business and against the evolving global backdrop.”

As of Wednesday, jet fuel prices dropped to $4.16 a gallon, per the Argus US Jet Fuel Index, down from $4.81 on Tuesday following President Trump’s ceasefire announcement, which sent travel stocks soaring. Major airlines have shed some of those gains in premarket trading Thursday.

With the move to hike bag fees, Southwest joins JetBlue, United Airlines, Delta Air Lines, and Canada’s WestJet, all of which also boosted fees this month. Experts expect more major carriers to follow, and to potentially tweak the pricing of other ancillary revenue sources like seat assignments and carry-on luggage.

Three US airlines have already hiked baggage fees. More are likely on the way.