Tesla (TSLA) reported record fourth-quarter deliveries early Thursday, but the number came in below analyst expectations as the company failed to hit its target of annual vehicle unit growth compared to 2023.
The EV giant reported Thursday it produced 459,445 vehicles in Q4 and delivered 495,570 units globally. Tesla also deployed 11 gigawatt-hours of energy storage products. For the full year, Tesla energy storage deployments totaled 31.4 gigawatt hours. Tesla delivered 1.789 million vehicles while producing 1.773 million units in 2024.
Tesla had said it expected “slight” vehicle delivery growth in 2024 after the company saw vehicle deliveries rise 38% to 1.81 million in 2023. However, with unit sales lagging in the U.S. and Europe the had been looking for solutions to drum up demand, offering various discounts and incentives to boost demand. China has been particularly strong in Q4 while the U.S. and Europe have been weak.
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To top the 1.81 million number in 2024, Tesla needed 514,925 deliveries in Q4, far more than the previous record of 484,507 in Q4 2023. Prior to Thursday’s release, analyst consensus forecast 498,000 vehicle deliveries in Q4 and 1.79 million for 2024, according to FactSet. However, other estimates had Tesla’s Q4 total coming in around 506,000 units.
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Tesla Stock Performance
TSLA fell more than 2% during premarket action on Thursday.
The dual-motor Tesla Cybertruck is now eligible for the $7,500 IRA tax credit, which should boost demand, at least to start 2025.
Tesla stock retreated 3.25% to 403.84 on Tuesday, booking a fourth straight loss and closing below the 21-day moving average for the first time since Oct 24. Shares have been consolidating since peaking at 488.54 on Dec. 18.
Tesla stock gained 62.5% gain in 2024, virtually all of that in the fourth quarter, especially after Trump’s election win.
TSLA stock is on the IBD Leaderboard watchlist.
Tesla stock ranks first in the 35-member IBD Auto Manufacturers industry group. The stock has a 90 Composite Rating out of a best-possible 99. Shares also have a 96 Relative Strength Rating and a 78 EPS Rating.
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