- Electric vehicle leader Tesla Inc (NASDAQ:TSLA) reported fourth-quarter revenue of $24.32 billion, up 37% year-over-year.
- The revenue total beat a Street estimate of $24.16 billion.
- Tesla reported fourth-quarter adjusted earnings per share of $1.19, which beat a Street estimate of $1.13.
- Its vehicle production totaled 439,701 units in the fourth quarter, up 44% Y/Y, and deliveries amounted to 405,278 electric vehicles, higher by 31%Y/Y.
- Tesla said it remains committed to a target production goal of 50% annual growth. The company expects to stay ahead of the 50% figure in 2023 with 1.8 million vehicles.
- The commentary from Tesla led peers like NIO Inc (NYSE: NIO) and Li Auto Inc (NASDAQ: LI) to trade higher in sympathy with Tesla’s upbeat results.
- Price Actions: NIO shares traded higher by 2.75% at $11.96 on the last check Thursday. Li Auto shares traded higher by 7.17% at $24.82.
Warren Buffett-Backed BYD Takes On Tesla With Lamborghini-Style Supercar And SUV With 360-Degree Rotation
New models include a $150,000 supercar, resembling a Lamborghini, and an SUV with unique features such as a 360-degree rotation and the ability to float in water. These features are designed to attract buyers in China's competitive car market, where cutting-edge technology is highly sought after.
