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Tesla deliveries report is out: yearly target missed

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Max McDee, 02 January 2025

Tesla

Electric car giant Tesla delivered 495,570 electric vehicles in the fourth quarter of 2024, a new quarterly record. This figure falls short of the company's own guidance of exceeding 515,000 vehicles, a target set just two months prior. Wall Street analysts anticipated deliveries closer to 507,000 units.

Tesla's production numbers for Q4 2024 tell an interesting story. The company produced 459,445 vehicles, with 436,718 of those being Model 3 and Model Y cars. The remaining 22,727 were Model S, Model X, and Cybertruck units. Despite finishing the year on a record-breaking quarter, Tesla's total deliveries for 2024 stand at 1,789,226, a 1% decrease compared to 2023.

Tesla breaks delivery record but still misses yearly target

The numbers are especially disappointing given Tesla's aggressive push to boost sales. The company tried everything this year. Big discounts, improved referral programs, and even free Supercharging and Full Self-Driving software - but it seems to have failed to attract buyers.

The disappointing results sent Tesla's stock tumbling this morning, erasing earlier gains. While the automotive market as a whole has experienced a slowdown, the EV sector, excluding Tesla, has seen solid growth globally. Unsurprisingly, investors are asking questions about Tesla's ability to maintain its dominance in the fast-developing EV market.

Missed targets aside, Tesla highlighted its growing energy storage business. The company deployed a record 11 GWh of energy storage through its Megapack and Powerwall products in Q4. This shows that Tesla is trying to diversify its revenue streams and looking for growth opportunities beyond vehicle sales.

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Reader comments

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  • Anonymous
  • kmq
  • 02 Jan 2025

1. Hope the retooling for new model Y is nearly complete. 2. Hope the application to qualify Tesla "dealerships" for CA DCAP subsidy is in process. Presuming the new model Y is under both IRS IRA $55k max as well as DCAP $45k max, my ...

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