Tesla (TSLA) – Get a free report announced weaker-than-expected fourth-quarter deliveries, the automaker detailed on Monday, but still posted an overall all-time high for the year amid a drop in stock volume from largest peak to bottom recorded.
Tesla delivered 405,278 new cars in the three months ended December, the company said in a statement, up 31.5% from last year and 18.1% from the 343,000 figure achieved in the three months ended. ends in October.
Analysts initially expected the number to be around 450,000, but that estimate has dropped over the past month following reports of a week-long shutdown at the automaker’s key plant in Shanghai.
Tesla delivered 388,131 Model 3 and Model Y vehicles, as well as 17,147 Model S and Model X vehicles, the report indicated.
Production increased to 439,701 vehicles, from 365,000 produced in the third quarter and 305,000 recorded in the last three months of last year, thanks in part to supply chain Covid-related disruptions and closures at the Shanghai factory.
Deliveries for the full year were pegged at 1,313,851, up 40% from 2021 levels.
“We continue to move toward a more even mix of vehicle manufacturing regions, which should again lead to a further increase in automotive transportation by the end of the year,” Tesla said in a statement. precious”. “Thank you to all of our customers, employees, suppliers, shareholders and supporters who helped us achieve a great 2022 in the face of severe supply chain and COVID throughout the year.”
Tesla shares closed at $123.18 per share on Friday, December 31, after gaining 1.12% during the session to extend the three-day gain to about 13%. This year, however, the stock is down nearly 70%, its worst drop on record, and has lost more than $706 million in market value.
Tesla will announce fourth-quarter earnings on January 25, with forecasts pointing to adjusted earnings bottom line of $1.24 per share on revenue of $25.5 billion. It will also celebrate Investment Day on March 1.
Last week, Morgan Stanley analyst Adam Jonas reiterated his ‘overweight’ rating on Tesla stock, but dropped $80 from his target price to a new $250 a share. promissory note.
Jonas noted that the team “could expand its lead over the EV competition (next year) even before considering the benefits of the Inflation Reduction Act, where Tesla also stands out as a leader in the EV competition,” Jonas noted. biggest potential win.
Portions of the IRA will allow Tesla Model 3 and Model Y vehicle buyers to get a portion of their purchase price back, up to $7,500, in the form of a federal tax credit.
“In this environment, we believe that self-funded, proven players, and cost leaders across the entire value chain can be the relative winners,” said Jonas. .
The outlook echoes a similar bullish thesis from Baird analyst Ben Kallo, who lowered his price target on Tesla stock by about 11.5% to $252 per share, but saved Note that the company is still one of the “best ideas” for 2023 and stays true to its goals. rated ‘outstanding’.
Kallo said Tesla has “multiple demand levers to pull including increased car rentals and additional turbochargers” that could offset weakness in China, where a week-long production shutdown at the Shanghai factory has worried investors.
Still, short interest on Tesla stock remains high, with bets around the corporation pegged at around $12.4 billion, according to recent data from S3 Partners, a figure that makes up around $2 ,72% outstanding shares of the group.