Jan 03, 2024

Tesla deliveries reached a record in the fourth quarter, but the company still failed to hit its 2 million annual goal. 

TSLA-–-Daily-Chart

TSLA – Daily Chart 

TSLA shares touched the $264 level before the holiday break but have since dipped to $248 after seeing lows of $244. 

Tesla announced production of around 495,000 and deliveries of 480,000 vehicles for the latest quarter. Full-year deliveries were up 38% on the year to 1.81 million vehicles. 

Tesla delivered 461,538 Model 3/Y vehicles and 22,969 in “other models”, including the first Cybertrucks. The Model 3 and Y continue to drive the company’s success with 95% of deliveries. 

Daiwa Capital Markets analyst Jairam Nathan revised the EV maker’s 2024 delivery forecast to 2.04 million from 2.14 million, expecting a 4% drop in average revenue per car. 

Tesla has been dealing with slowing sales, and 2023 started with aggressive price cuts from the company. That started well in China, but growing competition from domestic EV companies such as BYD and Nio began to eat away at Tesla’s dominance in the country. 

BYD topped Tesla’s sales in Q4 with 526,000 vehicles sold, marking the first quarter that the company has led the Texas-based firm. BYD sold 3 million hybrids and 1.6 million battery-only cars for the year. BYD started as a battery firm, and making its own has given the company a significant price advantage. 

There are other headwinds for Elon Musk’s firm in 2024, with the end of federal tax credits in the US and Germany stopping its EV subsidy program. 

The Cybertruck may be a positive story for the firm in the year ahead. However, Musk has stated previously that the vehicle is challenging to produce.

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