Tesla's delivery volume fell short of expectations, and U.S. stocks fell more than 7% at the opening. On January 2, local time, Tesla released production and sales data for the fourth quarter of 2024, which showed that in the fourth quarter of last year, Tesla produced a total of 459,400 vehicles and delivered 495,600 vehicles, a quarterly high, a year-on-year increase of 2.3%. In terms of models, a total of 471,900 Model 3 and Model Y models were delivered; a total of 23,600 other models were delivered. The deployment of energy storage products was 11.0GWh, also a record high.
Despite hitting a record high, Tesla's fourth-quarter deliveries fell short of Wall Street expectations. Analysts had forecast 498,000 deliveries, according to FactSet.
For the whole year of 2024, Tesla produced a total of 1.7734 million vehicles and delivered 1.7892 million vehicles. In 2023, Tesla will deliver 1.8086 million vehicles. In comparison, the delivery volume in 2024 will decrease slightly by 1.07% year-on-year. This was also lower than analysts' consensus forecast of 1.8 million units.
According to Bloomberg, this is the first time in more than a decade that Tesla’s annual vehicle deliveries have declined.
In the second and third quarters of 2024, Tesla suffered its first year-on-year delivery decline since 2020, causing its stock price to slump. But its shares have soared more than 60% as investors shift their focus from a slowing core electric vehicle business to the potential of Tesla's self-driving program.
Tesla said it will announce its fourth-quarter 2024 financial results after the market close on Wednesday, January 29, 2025. Wall Street's consensus forecast shows that the company's fourth-quarter revenue will reach a record $99.7 billion, but net profit will be $8.1 billion, which may be its worst profit quarter since 2021.