Tesla on Tuesday beat its fourth-quarter delivery expectations after pushing ahead with deliveries of its Model 3 electric vehicles before some models of the small sedan lose federal tax credits in the new year under the Inflation Control Act. Ta.
The world's most valuable automaker delivered a record number of vehicles in the fourth quarter, hitting its 2023 target of 1.8 million vehicles, helped in part by increased discounts on key models.
Analysts say the end of tax breaks for some models is expected to push sales forward to the fourth quarter, putting pressure on deliveries this year.
Tesla's Model 3 compact sedan rear-wheel drive and long-range models are no longer eligible for the $7,500 federal tax credit starting this year, due to updated requirements for battery material sourcing under the IRA.
Elon Musk's Tesla delivered 484,507 vehicles in the last three months of the year, compared to expectations of 473,253, according to 14 analysts surveyed by LSEG.
Deliveries in the fourth quarter were up about 11% compared to the third quarter, although some production was hit due to assembly line upgrades for the latest model 3, a mass-market sedan. I did.
Tesla, which is scheduled to announce its fourth quarter results on January 24 after the market closes, has delivered 461,538 Model 3 and Model Y sport utility vehicles, and approximately 23,000 other models.
The newly launched and radically designed Cybertruck is expected to be just a small portion of Tesla's deliveries this year.
Musk said in October that the company aims to produce about 250,000 electric pickup trucks in 2025.
The company said it expects deliveries to increase by about 22% this year to 2.2 million units, but this will be slower than the 38% growth in 2023.
Rivian Automotive also reported quarterly vehicle deliveries on Tuesday, which fell short of market expectations.
