Tesla missed expectations in its first major data point of the new year on Thursday, as Elon Musk’s billion-dollar automaker turns the page on a rollercoaster 2024 marked by a slowdown in expansion in its core business. of electric vehicles and a stock market rally after the victory. . of President-elect Donald Trump, a close associate of Musk, the richest man in the world.
Tesla delivered 495,570 vehicles to consumers in the fourth quarter of 2024, the company announced Thursday morning.
That is below consensus analyst forecasts of 498,000 deliveries, according to FactSet.
Compared to 2023’s final quarter, Q4 deliveries jumped by 2.3%, marking the second consecutive quarter of year-over-year growth for Tesla.
Tesla shares fell about 6% in early afternoon trading, with the delivery data being a catalyst for the stock’s volatility.
Priced at around $375, Tesla’s inventory value fell below $400 for the first time on Thursday since December 6, sitting about 20% below the all-time high set in mid-December.
Thursday’s sell-off wiped about $175 billion off Tesla’s market price, a loss that nearly dented AT’s overall valuation.
“The miss reflects a relatively aged product and increased availability of lower priced competition globally” for Tesla electric vehicles, explained Morgan Stanley analyst Adam Jonas in a note to clients.
1. 79 million. This is the number of cars Tesla will deliver in 2024, down 1. 1% from 2023’s record of 1. 81 million. Tesla had reported at least 35% year-over-year expansion since 2016, according to FactSet data.
“This is a respectable delivery figure” and the advertising is a “knee-jerk reaction,” Wedbush analyst Dan Ives, one of the most optimistic analysts covering Tesla, wrote in a note to customers.
Tesla will report its fourth-quarter effects on Jan. 29. Wall Street consensus forecasts show combined effects, with a record cash inflow of $99. 7 billion and profit of $8. 1 billion, the lowest annual figure since 2021.
During the second and third quarters of 2024, Tesla experienced its first year-over-year drop in deliveries since 2020, contributing to the stock market decline. But its share value has soared to a 63% gain in 2024, as investors have shifted away from the slowdown in the core electric vehicle business and focused on the prospects for the company’s autonomous driving initiatives. Tesla, which will most likely face a much more favorable regulatory framework. environment under Trump.
Musk’s net worth fell to $12 billion in Thursday’s sale, but he remains the world’s richest user with a fortune of $409 billion. His 13% stake in Tesla, valued at about $153 billion, is the largest addition to his fortune, which is also bolstered through multibillion-dollar stakes in user aerospace company SpaceX and its generative synthetic intelligence startup xAI.
Tesla was in the headlines Wednesday following the explosion of a Cybertruck, the company’s newest vehicle model, in an incident police are investigating as a possible terror attack. The explosion, which Musk said was caused by “very large fireworks and/or a bomb carried in the bed,” left the vehicle’s occupant dead and injured seven others.
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