Tesla (TSLA) shares ticked up 0.5% in early trading Tuesday after the company reported record-breaking quarterly deliveries and more than 1.8 million vehicles delivered worldwide in 2023.
The automaker said that it delivered 484,507 vehicles in the fourth quarter of 2023, a fresh high for quarterly deliveries and slightly above analyst expectations of 480,000 vehicles, according to Wedbush analyst Dan Ives.
Tesla delivered 1.8 million vehicles worldwide in 2023, in line with company guidance and up from 1.3 million in 2022.
Wedbush analysts indicated that the fourth quarter’s delivery high was driven by “strong data out of the key China region” which gives the firm “incremental confidence in [its] bullish call into 2024.”
The firm noted that Tesla’s full self-driving vehicles’ “capabilities continue seeing increased traction in the market despite several questions surrounding the safety of this software, but we view this as another incremental value driver in the TSLA growth story into 2024 as the implementation of AI adds more growth drivers to its extensive product portfolio.”
Tesla, along with other “Magnificent 7” stocks, outpaced the S&P 500’s returns in 2023 in part due to artificial intelligence-related gains.
Bernstein analysts noted while delivery numbers were up, the firm raised concerns about “profitability,” saying that “2024 looks tough.”
Tesla shares were up roughly 0.5% in early trading Tuesday to start the first trading day of 2024.