ZINGER KEY POINTS
- Tesla stock has been locked in a lackluster phase since it reported its Q3 results in mid-October.
- Analysts anticipate Tesla’s earnings report, amid U.S. EV market share maintenance efforts.
Electric vehicle giant Tesla, Inc. reported Tuesday ahead of the market open fourth-quarter deliveries that came in ahead of estimates by most analysts. The fourth-quarter numbers meant the company also hit its full-year goal.
What Happened:
Tesla delivered 484,507 units in the fourth quarter, comprising 461,538 units of Model 3/Y and 22,969 units of Model S/X/Cybertrucks.
The performance was ahead of the company-compiled consensus of 480,483 units. Prior to the release, Wedbush analyst Daniel Ives said fourth-quarter deliveries were tracking above the 480,000-unit range.
Here’s how production and deliveries changed in the fourth quarter:
| Volume (in units) | Q-o-Q Change | Y-o-Y Change | |
| Production | 494,989 | 14.98% | 12.57% |
| Deliveries | 484,507 | 11.36% | 19.55% |
On Monday, Chinese EV makers, including BYD Co. reported strong deliveries for December as well as the fourth quarter. Tesla’s quarterly tally trailed the 526,409-unit rate BYD reported for its fourth quarter.
Tesla’s annual production and deliveries came in at 1,845,985 units and 1,808,581 units, respectively. The company targeted deliveries of 1.8-million units for the year.
Tesla rival Rivian Automotive, Inc. on Tuesday reported fourth-quarter deliveries of 13,972 units, with the production for the quarter at 17,541 units. For the full year, the company’s deliveries and production stood at 50,122 and 57,232 units, respectively. The company earlier guided to full-year production of 54,000 units. The stock fell 5.80% to $22.10 in premarket trading.
Why It’s Important:
The next catalyst is likely to be Tesla’s earnings report, due on Jan. 24, 2024. Analysts, on average, expect the company to report earnings per share of 74 cents and revenue of $25.258 billion, according to Benzinga Pro data.
This compares to the year-ago EPS of $1.19 and revenue of $24.32 billion. In the previous quarter ended Sept. 30, Tesla’s EPS and revenue were at 66 cents and $23.35 billion, respectively.
Tesla continued its incentives in China, signaling potential demand concerns. In the U.S., starting Jan. 1, 2024, the Model 3 rear-wheel drive and long-range vehicles lost eligibility for the $7,500 EV subsidy, affecting pricing dynamics. Black anticipates Tesla to adjust prices, potentially reducing Model 3 RWD and LR prices while increasing Model 3 Performance and all Model Y trims.
Deepwater Asset Management’s Gene Munster anticipates Tesla to maintain its U.S. EV market share despite increasing competition.
After ending 2023 with a gain of about 101%, Tesla shares were up 0.45% at $249.60 in premarket trading on Tuesday, according to Benzinga Pro data. The premarket gain has come despite the index futures pointing to a sharply lower opening.
Check out more of Benzinga’s Future Of Mobility coverage by following this link.
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Originally Posted January 2, 2024 – Tesla Stock Takes Off Premarket After Q4 Deliveries Exceed Expectation; Full-Year Sales Exceed 1.8 Million-Unit Target
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