Tesla loses top spot as global EV leader after sales fall again

Tesla has lost its position as the world’s largest electric vehicle seller after recording a drop in annual sales for the second year in a row.

The company is now focusing on future technology to regain momentum. 

Tesla plans to allow hundreds of thousands of its cars to run fully on self-driving software in the near future. 

It has also announced plans to start making its steering-wheel-free vehicle, known as the Cybercab, in 2026.

To keep CEO Elon Musk closely involved with the company, Tesla’s board approved a new and potentially very large pay package in November, supported by shareholders. 

Recently, Musk also received a major boost when the Delaware Supreme Court restored a $55 billion compensation deal that was first granted to him in 2018.

Musk’s wealth could grow even more later this year if his space company, SpaceX, goes public. 

Experts believe the SpaceX stock offering could be one of the biggest in history.