Tesla recently disclosed its vehicle delivery figures for the fourth quarter of 2024, illustrating a slight year-over-year decline in performance, which did not meet Wall Street's anticipations. The electric vehicle giant managed to deliver 495,570 vehicles during the December quarter, which shows an improvement over last year's 484,507 deliveries; however, the results fell short of the FactSet consensus estimate that had projected deliveries of 498,000 vehicles.
In the preceding quarter, Tesla recorded a delivery figure of 462,890 units, which indicates a progressive increase but not enough to placate investor expectations. In terms of production, Tesla produced 459,445 vehicles in this last quarter, a decline compared to 494,989 units that were manufactured during the corresponding period last year, as well as down from the October quarter’s output of 469,796 units.
According to Wedbush Securities, this delivery number might be characterized as respectable, but it did not meet the bullish threshold of above 500,000 deliveries, leading to a knee-jerk weakening of the stock's performance in the market following the news. On the trading day following the announcement, Tesla shares observed a steep decline of approximately 5.7%.
Throughout the entirety of 2024, Tesla delivered roughly 1.79 million vehicles, a marginal decrease from 1.81 million deliveries in 2023. Additionally, production figures fell to an estimated 1.77 million units for the year, compared to 1.85 million produced the year prior. Looking forward, Tesla’s anticipated low-cost electric vehicle, set to launch in early 2025, might serve as a catalyst to enhance delivery numbers, according to analyst insights from Wedbush, who reaffirmed an outperform rating alongside a price target of $515 for the stock. Contrastingly, Truist Securities adjusted its price target downwards from $360 to $351, despite maintaining a hold rating on Tesla stock.
In a separate incident, news emerged regarding a parked Tesla Cybertruck that exploded outside Trump International Hotel in Las Vegas, resulting in the unfortunate death of the vehicle's driver and injuring seven others. Tesla's CEO, Elon Musk, addressed the situation on the social media platform X, emphasizing that the explosion was not related to the vehicle's mechanical aspects. Musk elaborated, stating, “We have now confirmed that the explosion was caused by very large fireworks and/or a bomb carried in the bed of the rented Cybertruck and is unrelated to the vehicle itself.” He also noted that the Cybertruck effectively contained the explosion while redirecting the blast upwards.
As of recent figures, Tesla's stock price was recorded at 380.06, with a change of -23.78 and a percentage change of -5.89..