Tesla deliveries in the fourth quarter exceeded Wall Street predictions, as the global EV giant sold a record-setting number of vehicles in Q4 and hit full-year expectations, according to data released by Tesla early Tuesday. TSLA edged down a fraction.
Elon Musk's Tesla reported Tuesday that it produced 494,989 units and delivered 484,507 vehicles during the fourth quarter. For the full year, vehicle deliveries grew 38% to 1.81 million while production increased 35% to 1.85 million units.
The company delivered 461,538 Model 3/Y vehicles in Q4 and 22,969 "other models." Tesla currently produces the Model 3, Model Y, Model S, Model X and Cybertruck.
Tesla's previous quarterly delivery record was in Q2 with 466,140. In Q3, TSLA delivered 435,059 units.
Tesla had been aiming to deliver 1.8 million vehicles in 2023. Through the end of Q3, Tesla delivered about 1.324 million vehicles globally for the year, meaning the company needed to deliver roughly 476,000 in Q4 to reach 1.8 million.
Ahead of Tesla's data release Tuesday, Wall Street consensus had Tesla vehicle deliveries in 2023 totaling 1.797 million, just below that 1.8 million target, according to FactSet.
Meanwhile, Wall Street expected 473,000 deliveries in Q4, according to FactSet. However, other consensus estimates had deliveries at more than 480,000 units.
However, China rival BYD surpassed Tesla in battery electric vehicles for the first time, with BEV sales of 526,409 in Q4.
Tesla stock dropped a fraction to 248.42 Tuesday during market action. On Friday, shares dropped 1.9% to 248.48.
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Tesla Stock Performance
The relative strength line for TSLA is in a five-month slump but recently hit a two-month high. Tesla stock sank after the EV giant reported worse-than-expected Q3 earnings and revenue on Oct. 18.
However, Tesla stock is building the right side of a double-bottom base giving it a 278.98 buy point, according to MarketSmith analysis.
In 2023, Tesla stock doubled, easily outperforming the broader S&P 500 index. Tesla stock ranks fifth in the 35 member IBD Auto Manufacturers industry group. The S&P 500 component has a 78 Composite Rating out of a best-possible 99. Tesla stock also has an 84 Relative Strength Rating and an 88 EPS Rating.
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