Tesla, Inc. (NASDAQ:TSLA) has achieved a remarkable milestone in the fourth quarter, setting a new delivery record and meeting its ambitious 2023 delivery target. This accomplishment comes as a significant relief to investors, especially after a slight miss in the third quarter, and amidst intensifying competition in the global electric vehicle (EV) market.
In Q4, Tesla reported an impressive 484,507 vehicle deliveries, surpassing Bloomberg’s street estimates of 483,173. This achievement marks a historic quarter for Tesla, delivering nearly 20,000 more units than its previous record of 466,000 units in the second quarter of last year.
From a production perspective, Tesla manufactured 494,989 vehicles, significantly exceeding Bloomberg’s estimates of 482,336. Of these, 476,777 were its high-volume Model 3 and Model Y EVs, again surpassing the expected 468,680. While Tesla did not provide separate figures for its Model X, Model S, or Cybertruck, these were included under the “other models” category.
Overall, 2023 saw Tesla’s vehicle deliveries increase by 38% year-over-year to 1.81 million, and production grow by 35% to 1.85 million. Although this growth rate fell short of its targeted 50% compound annual growth rate (CAGR), Tesla had previously indicated that achieving this goal would be challenging due to factory shutdowns and upgrades in Q3.
Wedbush analyst Dan Ives, in a client note, highlighted the significance of this quarter for Tesla, indicating a strong delivery performance and increasing demand heading into 2024. Ives also noted that Tesla’s pricing remained stable, with an increase in China throughout the quarter, signaling a period of calm in the previously competitive market.
In China, however, Tesla faces growing competition and was recently surpassed in Q4 global EV deliveries by China’s BYD (OTC:BYDDF) (OTC:BYDDY), which reported 526,409 pure EV deliveries. Despite this, Tesla’s delivery numbers for 2023 were robust, marking a significant achievement in an uncertain macroeconomic environment for EVs.
Ives commended this as a major win for Tesla and its CEO Elon Musk, emphasizing the importance of reaching the 1.8 million vehicle target for 2023 amid fluctuating market expectations for EVs.
In conclusion, Tesla’s record delivery numbers are a testament to its resilience and adaptability in a rapidly evolving and increasingly competitive EV landscape.
Featured Image – Freepik
Author Kristen Moran 
