EV stocks shed in morning trading with Canoo plunging 10% and Tesla, XPeng and Zeekr tumbling over 5%.
Tesla posted its fourth-quarter vehicle production and deliveries report on Thursday. Here are the key numbers:
Total deliveries Q4 2024: 495,570
Total production Q4 2024: 459,445
Total annual deliveries 2024: 1,789,226
Total annual production 2024: 1,773,443
Results for the quarter represented the first annual drop in annual delivery numbers for Tesla, which reported 1.81 million deliveries in 2023. It reported 484,507 deliveries in the fourth quarter of 2023.
Analysts had expected Tesla to report deliveries in the quarter of 504,770, including 474,000 Model 3 and Model Y EVs, according to a consensus of estimates compiled by StreetAccount. Tesla sent some investors a company-compiled delivery consensus of 506,763 vehicles, based on a survey of 26 analysts. A widely followed independent Tesla researcher, who publishes as Troy Teslike, predicted deliveries of 501,000.
Deliveries are the closest approximation of sales reported by Tesla but are not precisely defined in the company’s shareholder communications.
The fourth-quarter report comes after a huge late-year rally in Tesla’s stock, which finished 2024 up 63%. In mid-December, the shares reached a record, eclipsing their prior all-time high from 2021.
It was a big turnaround from the first quarter, when the stock plummeted 29%, its worst period since 2022, as the company contended with declining sales despite price cuts and incentives for buyers. On the company’s first-quarter earnings call in April, CEO Elon Musk told investors that while he expected “higher sales this year than last year,” the growth rate would slow from 38% in 2023.
