Zinger Key Points
- Tesla says it produced 459,445 vehicles in the fourth quarter and delivered 495,570 vehicles.
- Tesla reports total 2024 deliveries of 1.79 million, down from full-year deliveries of 1.81 million in 2023.
Tesla Inc shares are trading lower Thursday following fourth-quarter production and delivery figures.
What Happened:
Tesla said it produced 459,445 vehicles in the fourth quarter and delivered 495,570 vehicles. For comparison, Tesla reported production of 494,989 vehicles and 484,507 deliveries in the fourth quarter of 2023.
Tesla said it produced 436,718 Model 3 and Model Y vehicles and 22,727 other models. The company delivered 471,930 Model 3 and Ys and 23,640 other model vehicles.
“In the fourth quarter, we produced approximately 459,000 vehicles, delivered over 495,000 vehicles and deployed 11.0 GWh of energy storage products – a record for both deliveries and deployments,” the company said in a news release.
Tesla reported total 2024 deliveries of 1.79 million, down from full-year deliveries of 1.81 million in 2023. CNBC reported that this marks the first annual decline in delivery numbers for Tesla.
Tesla noted that energy storage deployments for all of 2024 were 31.4 GWh.
Tesla also set the date for its upcoming earnings report. The EV maker will report financial results for the fourth quarter after the market closes on Jan. 29. Analysts currently expect the company to report earnings of 74 cents per share and revenue of $27.385 billion, according to estimates from Benzinga Pro.
In the third quarter, Tesla reported an 8% year-over-year increase in revenue to $25.18 billion, but missed estimates of $25.37 billion. The company noted last quarter that total revenues were impacted by growth in vehicle deliveries, growth of energy generation, higher full self-driving revenue and lower average selling prices for vehicles.
“Despite ongoing macroeconomic conditions, we expect to achieve slight growth in vehicle deliveries in 2024,” the company said last quarter.
Tesla also said at the time that it remained on track to launch more affordable vehicle models in the first half of 2025.
TSLA Price Action:
Tesla shares were down 4.62% at $385.20 at the time of publication, according to Benzinga Pro.
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Originally Posted January 2, 2024 – Tesla Stock Tumbles On Q4 Deliveries: What’s Going On?
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