Investing.com — Tesla Inc (NASDAQ posted record vehicle deliveries and deployed 11.0 GWh of energy storage products in the fourth quarter, the company said on Thursday. However, deliveries were below expectations. consensus expectations.
Tesla stock ended Thursday's session down 6.1.
The electric vehicle giant said its deliveries in the quarter totaled 495,570, below the consensus estimate of 512,277. According to analysts at Bernstein and RBC, purchase expectations were around 500,000/520,000.
Tesla also produced approximately 459,000 vehicles during the quarter.
Deliveries of Model 3 and Model Y reached 471,930 units, while other models contributed 23,640 additional deliveries.
For the entire year, Tesla delivered a total of 1.79 million vehicles, of which the Model 3 and Model Y accounted for more than 1.7 million. However, Tesla's annual electric vehicle sales declined for the first time in more than a decade.
Elsewhere, energy storage installations totaled 31.4 GWh during the year.
Tesla plans to release its fourth quarter 2024 financial results on January 29, 2025, after the market closes.
“Overall, we would characterize this as a respectable delivery number, although the street and the bulls wanted to see a number over 500,000 and stocks will be a little weak on the knee-jerk reaction,” Wedbush said after the report, adding “Strong buyers” of the stock on any sell-off due to today's weak Q4 delivery numbers.
The company, which maintained an Outperform rating and a $515 price target on the stock, said that going into FY25, they “remain very confident in Tesla's ability to accelerate delivery growth in the “FY25, with delivery growth targets of 20% to 30% as a focus for the street.” as TSLA is also expected to launch its lowest-priced electric vehicle in early 2025 to spur growth in vehicle deliveries.”
Wedbush continued: “The $1 trillion ai valuation has begun to unlock in Tesla's history and we believe the march toward a $2 trillion valuation for TSLA in the next 12 to 18 months has begun, in our view. , with FSD and autonomous penetration of Tesla's installed base and the launch of Cybercab represent the golden goose We believe FSD penetration could increase to more than 50% and change Tesla's financial model/margins. looking to the future.”
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