Tesla (NASDAQ: TSLA) has surpassed Wall Street predictions for the fourth quarter, reporting record-breaking sales and meeting full-year delivery expectations.
The latest data released by Tesla indicates the production of 494,989 units and the delivery of 484,507 vehicles during Q4. For the entire year, Tesla witnessed a substantial 38% growth in vehicle deliveries, reaching an impressive 1.81 million, while production increased by 35%, totaling 1.85 million units.
The fourth quarter deliveries included 461,538 Model 3/Y vehicles and 22,969 from other models, showcasing Tesla’s diverse product lineup encompassing the Model 3, Model Y, Model S, Model X, and Cybertruck.
Tesla’s earlier quarterly delivery record was set in Q2 at 466,140, with Q3 deliveries totaling 435,059 units. The company had a target of delivering 1.8 million vehicles in 2023. By the end of Q3, Tesla had delivered approximately 1.324 million vehicles globally, necessitating the delivery of roughly 476,000 in Q4 to achieve the 1.8 million target.
Prior to Tesla’s data release on Tuesday, Wall Street consensus estimates for 2023 vehicle deliveries were 1.797 million, slightly below the company’s target, according to FactSet. Wall Street anticipated 473,000 deliveries for the fourth quarter, although other consensus estimates exceeded 480,000 units.
However, Chinese competitor BYD (BYDDF) surpassed Tesla in battery electric vehicles (BEV) for the first time, reporting BEV sales of 526,409 in Q4.
Despite a fractional drop to $248.42 during Tuesday’s market action and a 1.9% decline on Friday, closing at $248.48, Tesla stock remains a resilient force in the market, reflecting its ongoing significance in the electric vehicle sector.
In 2023, Tesla (NASDAQ: TSLA) stock doubled, surpassing the S&P 500 index and securing the fifth position in the 35-member IBD Auto Manufacturers industry group. The stock achieved a 78 Composite Rating, an 84 Relative Strength Rating, and an 88 EPS Rating, highlighting its strong performance in the market.
Zabih Ullah is a seasoned finance writer with more than ten years of experience. He is highly skilled at analyzing market trends, decoding economic data, and providing insightful commentary on various financial topics. Driven by his curiosity, Zabih stays updated with the latest developments in the finance industry, ensuring that his readers receive timely and relevant news and analysis.
