Tesla reported for the first time. Total delivery for 2024 hovers around 1.78 million, but the company delivered 1.81 million vehicles in 2023. The company’s shares fell seven percent on the news, but have since recovered a few points. This follows similar news from Q1 2024, but that was for one quarter.
Q4 showed a slight increase in deliveries, to 495,000 this year and 484,000 in 2023. However, analysts had predicted a strong final quarter, . These analysts were expecting Q4 deliveries to be somewhere in the 506,000 range. Tesla doesn’t publish actual sales numbers in the US, so these delivery metrics are the closest we get.
Numbers are also down in Europe, with a 14 percent drop in 2024 compared to the previous year. This is according to the registration details of the European Automobile Manufacturers’ Association.
We don’t have a concrete reason why Tesla’s deliveries have started to falter, but there are a number of options. The company still hasn’t made a budget-friendly EV, instead focusing its efforts on the . Patrick George, editor-in-chief of Inside EVshe told CNBC that Cybertrucks have started “to pile up at used car lots.”
The company is also no longer the only EV game in town. It faces a lot of competition from, but also from legacy manufacturers. Companies such as BMW, GM, Hyundai and Volkswagen have started to push mass electric vehicles. Finally, there is Elon Musk for everything.
Tesla stock ended the year strong, up 60 percent from 2023. Stocks actually rose in December, paring the previous high since 2021.
In other news, I don’t understand stocks. Ford, , is worth less than $10 per share. Tesla is currently trading at $380 per share, while selling far fewer cars than Ford and, well, almost every other major automaker. Perhaps competitive shares could rise if major US car companies start putting more effort into humanoid robots.
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