Today, Tesla dropped its fourth-quarter 2024 report, and the production and delivery numbers fell a bit short of what analysts were expecting. In the official press release, Tesla had this to say:
In the fourth quarter, we produced approximately 459,000 vehicles, delivered over 495,000 vehicles, and deployed 11.0 GWh of energy storage products – setting records for both deliveries and deployments.
Here's a quick look at the numbers:
| Production | Deliveries | Subject to Operating Lease Accounting | |
|---|---|---|---|
| Model 3/Y | 436,718 | 471,930 | 5% |
| Other Models | 22,727 | 23,640 | 6% |
| Total | 459,445 | 495,570 | 5% |
In total, Tesla delivered 495,570 vehicles in Q4 2024. Analysts had estimated deliveries to hit 504,770, so it's a bit of a miss. CNBC noted that this marks the first annual drop in Tesla's delivery numbers, with the company reporting 484,507 deliveries in Q4 2023. After Tesla dropped its report, the company’s stock took a hit, falling 7%.
These days, it’s hard to deny that Elon Musk’s involvement in politics is growing. You’ve probably heard that he dropped $277 million backing Donald Trump’s campaign, and that’s got experts worried it’s pulling focus away from Tesla. There's also reports that he’s been secretly talking to Putin, raising security concerns.
Sam Fiorani, Vice President at Auto Forecast Solutions, shared his perspective with CNBC via email, stating that Elon Musk’s political involvement may have “pulled his focus away from his core businesses.” Fiorani added that the extent to which this affects investor or EV buyer sentiment likely “won’t be reflected in Tesla’s numbers until the first quarter.”
Musk, however, is staying focused on the future, claiming that humanoid robots could increase Tesla's value by a massive 43 times. This follows the company letting go of more than 10% of its workforce. In other news, Tesla is trying to disrupt the industry with a new connector standard, encouraging suppliers and automakers to join the push.
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