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What you need to know
- Tesla shares fell on Thursday after it failed to meet its expectations for fourth quarter deliveries.
- Tesla sold 495,570 cars in the third quarter. This is up on the previous year, but lower than the analysts’ expectations of 512,250.
- In recent weeks, shares of the EV manufacturer have fallen from their record highs reached after the election.
Tesla shares (TSLA), which were down Thursday morning, fell after it reported fewer deliveries for the fourth-quarter than expected.
Visible Alpha’s consensus estimates for the quarter were 495.570, an increase from the 484,507 vehicles delivered in the same time period in 2017. However, this is still below Visible Alpha’s estimate of 512.250. Tesla delivered 459,445 cars in the first quarter. This is well below analysts’ expectations of 503,500 and what the company had produced the previous year.
Full-Year Deliveries, Production Miss Estimates
Tesla also fell short of delivery and production estimates for the full fiscal year, with deliveries declining year-over-year to roughly 1.79 million vehicles—just below the 1.8 million analysts had expected. The company’s production was 1,77 millions vehicles, less than analysts expected (1.82 million).
Tesla shares have risen since Donald Trump won the election in November, mainly due to Elon Musk being close with the President-elect. Also, there is a belief that a Trump second term will be beneficial for Tesla. Stocks have fallen from their record-breaking levels reached in the last few weeks.
A day earlier, a Tesla Cybertruck had exploded outside the Trump Hotel in Las Vegas killing one person in the vehicle and seriously injuring many others. Musk said that the company believed the explosion to be intentional and not a result of a vehicle issue.
Tesla announced Thursday that it will also release its complete financial results, both for fiscal 2024 as well as the current quarter. This report is expected to be released after the January bell. Shares were around 4% lower in Thursday morning trading, putting them about 20% below last month's record close of $479.86.
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