Tesla Inc (NASDAQ:TSLA) shares are bouncing around on Tuesday after the EV maker reported production and delivery data for the fourth quarter.
What Happened: Tesla said it produced 494,989 vehicles in the fourth quarter, up from 430,488 in the third quarter. The EV maker delivered 484,507 vehicles in the quarter, up from 435,059 in the previous quarter.
Tesla produced 476,777 Model 3 and Model Y vehicles and 18,212 of its other models during the quarter. The company delivered 461,538 Model 3 and Ys and delivered 22,969 other vehicle models.
Tesla’s strong fourth-quarter production and delivery numbers helped it reach full-year 2023 production of 1,845,986 vehicles and full-year deliveries of 1,808,581, beating the company’s internal forecast of 1.8 million.
Tesla also scheduled its fourth-quarter financial results for after the market close on Jan. 24. The EV maker is expected to report earnings of 74 cents per share on quarterly revenue of $25.258 billion, according to Benzinga Pro. Investors will also want to watch for delivery guidance from Tesla for full-year 2024.
Several EV stocks are volatile Tuesday following quarterly delivery and production updates from multiple EV makers. BYD officially passed Tesla as the world’s biggest EV company last quarter as competition continues to heat up in China. Recent reports suggest Tesla is gearing up to unveil a new version of its popular Model Y vehicle as it battles for EV market share amid increasing competition, especially in China.
Check This Out: EV Showdown 2024: Tesla, BYD, NIO, XPeng, Li – Which Offers Greater Value?
TSLA Price Action: Tesla shares initially traded higher following the company’s quarterly update. The stock was down 0.21% at $248.05 at the time of publication, according to Benzinga Pro.
Photo: courtesy of Tesla.
