Updated at 9:42 AM EST
Tesla shares moved lower in early Thursday trading after the electric vehicle maker posted its first-ever annual delivery decline even as it shifted a record number of units over the final three months of the year.
Tesla (TSLA)  delivered an all-time high of 495,570 new cars over the three months ended in December, up 2.2% from the then-record tally of 484,507 reached over the same period in 2023.
Analysts’ forecasts for deliveries ranged from 495,000 to around 525,000, with LSEG data pegging the December-quarter target at around 504,000.
“Overall we would characterize this is a respectable delivery number although the Street and bulls wanted to see a 500k+ number and the stock will be a bit weak on the knee jerk reaction,” said Wedbush analyst Dan Ives, who carries a $155 price target and an ‘outperform’ rating on the stock.
“Looking into 2025, we remain highly confident in Tesla’s ability to accelerate with a 20%-30% delivery growth targets the focus for the Street as it launches its lower-priced EV,” he added.
Tesla delivered 471,930 units of its Model 3 sedan and Model Y midsize SUV, as well as 23,640 of its higher-priced Model S sedan and Model X full-size SUV, the report indicated.
Production fell 7.1% from the year-earlier period to 459,445 vehicles, thanks in part to tight supply chains and fading demand in China. Model 3/Y production was pegged at 436,718 units with Model S/X and “other model” output at 22,727 units.
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Tesla doesn’t break out Cybertruck sales from its delivery figures, but data from outside sources, including Reuters, suggest demand for the new EV, which starts at a price of $80,000, has been fading over the final months of the year.
The group’s China sales have also been uneven, with data from the China Passenger Car Association showing an overall tally of 78,856 units, a 4.3% decline from the same period in 2023.
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Tesla is scheduled to report overall fourth-quarter results after the market closes on Wednesday, Jan. 29.
Tesla shares were marked 5.2% lower in early trading immediately following the delivery data to changed hands at $382.19 each.
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