Updated at 9:17 AM EST
Tesla (TSLA) – Get Free Report posted better-than-expected fourth-quarter deliveries Tuesday, with a record tally that lifted its full-year total past its own forecasts but fell shy of CEO Elon Musk’s earlier 2 million target.
Tesla delivered a record 484,507 new cars over the three months ending in December, the company said in a statement, up 19.6% from the same period last year and 11.4% north of the 435,059 tally reached over the three months ended in October.
Analysts’ forecasts for deliveries ranged from 465,000 to around 482,000, with Refinitiv pegging the December-quarter target at 473,000.
Tesla delivered 461,538 units of its Model 3 sedan and Model Y midsize SUV, as well as 22,969 units of its higher-priced Model S sedan and Model X full-size SUV, the report indicated.
The full-year tally was marked at 1.808 million cars, topping the group’s official forecast of 1.8 million but falling shy of CEO Elon Musk’s target of 2 million.
Production rose 12.75% to 494,989 vehicles as supply chain disruptions at its Shanghai factory faded. Model 3/Y production was pegged at 476,777 units with Model S/X production at 18,212 units.
“This was an important quarter for Tesla to show strong deliveries with clear momentum into 2024 as demand has upticked since 3Q based on all our global checks,” said Wedbush analyst Dan Ives. He carries an outperform rating with a $350 price target on Tesla stock.
“Pricing was stable and actually increased in China throughout the quarter as the price war in China has finally hit a calm period, which is music to the ears of Tesla bulls,” he added. “This was a clear win for Musk and Tesla as hitting 1.8 million vehicles for 2023 was a major achievement in a choppy macro for EVs.”
Tesla shares were marked 0.77% higher in premarket trading immediately following the delivery data to indicate an opening bell price of $250.40 each.
Short interest — measuring bets that a stock will decline in price — in Tesla remains elevated at the highest levels in the world. Investors have placed bets against the group of around $18.63 billion, or 3.03% of the stock’s entire float, according to recent data from S3 partners.
Tesla will publish its official fourth-quarter earnings report after the close of trading on Jan. 24.
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