Tesla Quarterly Deliveries Slightly Increase, Fall Short of Expectations
In the latest news from Tesla, the electric car company saw a 2% increase in deliveries for the fourth quarter of last year. This uptick was driven by promotions like interest-free financing and free Supercharging. While Tesla set a record for car sales during the quarter, they did fall short of analyst expectations, missing the target of around 515,000 vehicles needed for a stronger 2023 performance. In total, Tesla delivered 1.79 million vehicles in 2024, which was a slight decline compared to the previous year.
Following the delivery report, Tesla’s stock dipped about 5% during midday trading, although shares have actually risen by over 61% since the U.S. election. On the other hand, Chinese competitor BYD reported a 12% increase in electric car sales, reaching nearly 1.76 million globally, indicating a growing competitive market.
Despite the current challenges in sales, Wall Street is keeping an eye on CEO Elon Musk’s long-term vision for the company, particularly in the areas of robotics and AI. As Tesla’s value peaked at $1.5 trillion in mid-December, Musk has been making headlines for his personal ventures. Recently, an incident involving a rented Cybertruck in Las Vegas resulted in an explosion that tragically killed one person and injured seven. Musk clarified that the explosion was not related to the vehicle.
In addition to his personal ventures, Musk has been focusing on political engagements, advocating for cuts in government spending with President-elect Donald Trump. Investors are hopeful that these efforts could benefit Tesla, especially in the pursuit of regulations for autonomous vehicles. The stock market may be fluctuating, but Tesla’s future plans and market position remain a point of interest for many.
