Tesla did not meet expectations in its first major data point of the new year Thursday, as Elon Musk’s trillion-dollar automaker turns the page on a rollercoaster 2024 marked by stalling growth in its core electric vehicle business and a sharp stock market rally following the victory of President-elect Donald Trump, a close associate of Musk, the world’s richest man.
A Tesla Cybertruck, the company's newest vehicle model, in Boston.
Tesla delivered 495,570 electric vehicles to customers during the fourth quarter of 2024, the company announced Thursday morning.
That is below consensus analyst forecasts of 498,000 deliveries, according to FactSet.
Compared to 2023’s final quarter, Q4 deliveries jumped by 2.3%, marking the second consecutive quarter of year-over-year growth for Tesla.
Shares of Tesla dropped 4% in premarket trading following the release, with delivery data typically a catalyst for the often volatile stock.
1.79 million. That’s how many cars Tesla delivered in 2024, coming in 1.1% below 2023’s record 1.81 million. Tesla had reported at least 35% year-over-year growth dating back to 2016, the extent of FactSet data.
Tesla will report Q4 earnings Jan. 29. Consensus Wall Street forecasts point to mixed results in a record $99.7 billion in revenue and $8.1 billion in net profit, the weakest annual bottom line figure since 2021.
During 2024’s second and third quarter, Tesla suffered its first year-over-year delivery declines since 2020, contributing to its stock market doldrums. But its share price roared to a 63% gain in 2024 as investors shifted their focus away from the slowing core EV business onto the potential for Tesla’s autonomous driving initiatives, which will likely face a much more favorable regulatory environment under Trump.