Tesla has announced record deliveries for the fourth quarter, reporting a total of 495,570 vehicles delivered globally and 459,445 produced in Q4. Despite these impressive numbers, the results fell short of analyst expectations and did not meet Tesla’s own goal for annual vehicle unit growth compared to 2023.
In 2024, Tesla delivered 1.789 million vehicles while producing 1.773 million units. The company’s energy storage deployment also saw significant figures, reaching 11 gigawatt-hours in Q4 and totaling 31.4 gigawatt-hours for the year.
Although Tesla anticipated slight growth in vehicle deliveries for 2024, they struggled to maintain momentum in the U.S. and Europe, leading to a range of strategies aimed at boosting demand, such as discounts and other incentives. A strong performance was noted in China, especially during the fourth quarter. Analysts cited the increased competition and an aging product lineup as factors contributing to the miss in delivery expectations for Q4.
Tesla’s stock took a hit after the news, dropping 6% to $379.28 on the trading day of the announcement, continuing a downward trend since reaching a high of $488.54 in mid-December. Nevertheless, Tesla shares still experienced a remarkable 62.5% increase over 2024, largely driven by performance in the last quarter of the year.
The company’s dual-motor Cybertruck is now eligible for a $7,500 tax credit, which analysts hope will catalyze demand as the company heads into 2025.
In summary, while Tesla continues to show strong production and delivery capabilities, it faces challenges in meeting high expectations amid increasing competition. With strategic moves such as the introduction of the new Cybertruck and ongoing adjustments to pricing and offerings, Tesla still holds potential for future growth.
Looking ahead, the excitement surrounding Tesla’s future models and expanded product line can be a source of optimism for investors and consumers alike.