Tesla, the leading electric car manufacturer (for now as we watch BYD), has just published its latest vehicle production and delivery report for the fourth quarter of 2023. Tesla Q4 deliveries showcase the remarkable growth of the company, with record-breaking production and deliveries numbers achieved last year.
The company delivered 484,507 vehicles in the final quarter of 2023, which exceeded the expectations of many analysts. This is a 32% increase compared to the same quarter in the previous year and a sign that the market for electric cars is growing exponentially.
Yet, Tesla offered big discounts throughout the 2nd half of 2023, and started advertising to achieve this goal.
During Tesla’s Q3 earnings call Tesla CEO Musk said the company’s Model Y entry-level SUV was likely to “be the bestselling car on Earth, but not just in revenue, but in unit volume,” for the year.
Tesla produced 476,777 Model 3 and Model Y vehicles during the quarter and reported 461,538 deliveries for these models.
Here is how Tesla Q4 deliveries breakdown:
- Total deliveries Q4 2023: 484,507
- Total production Q4 2023: 494,989
- Total annual deliveries 2023: 1,808,581
- Total annual production 2023: 1,845,985
However, it’s worth noting that the total number of deliveries for 2023 was 1,808,581, which is still short of the company’s internal target of 2 million vehicles. Despite this, the achievement is still commendable, especially considering that the company had to cope with supply challenges, including semiconductor shortages in the past year.
Secondly, let’s turn our attention to the production numbers. Tesla’s Q4 2023 production was 494,989 units, which is an increase of 48% compared to the same time in 2022. These new statistics indicate that the company was able to increase production capacity, even with supply chain challenges and various production hurdles. Overall production in 2023 was 1,845,985 units, which shows a 39% increase compared to the previous year.
Tesla CEO Elon Musk also confirmed that the company plans to scale production even further in the coming years, with its latest manufacturing plant in India due to start production soon. This news has significant implications for the electric car market, as Tesla continues to establish itself as a dominant player in the industry.
Thirdly, it’s interesting to note the importance of Tesla’s production and delivery numbers, especially when it comes to predicting the future of the electric vehicle market. The report issued by Tesla has a significant impact on the company’s stock market value, as well as shaping the opinions of market analysts.
When asked about the 2024 outlook for deliveries on the company’s last earnings call, Musk said: “At the risk of stating the obvious, it is not possible to have a compound growth rate of 50% forever, or you will exceed the mass of the known universe. But I think we will grow very rapidly, much faster than any other car company on Earth by far.”
Tesla plans to discuss fourth-quarter results on Jan.24, 2024, at 5:30 p.m. ET.
