CNBC's Lora Kolodny is reporting that Tesla reported 485,000 deliveries for the fourth quarter, bringing 2023 total to 1.8 million.

Tesla reported a significant increase in vehicle production and deliveries for the year 2023. The company achieved a total of 1.8 million deliveries, meeting its revised target for the year and marking a 38% growth in deliveries compared to 2022. This growth outpaced the 35% increase in production over the same period. In the fourth quarter alone, Tesla delivered 484,507 vehicles and produced 494,989, surpassing analyst expectations. The Model Y, in particular, was highlighted by CEO Elon Musk as potentially becoming the best-selling car globally in terms of both revenue and unit volume. Additionally, Tesla launched the new Model 3 and started delivering the Cybertruck in the U.S. Despite facing economic uncertainties and competition from other automakers like BYD, Tesla managed to grow significantly. The company, which now operates multiple vehicle and battery manufacturing facilities worldwide, plans further expansion with a new plant in Mexico. Musk expressed optimism about Tesla's rapid growth but acknowledged that maintaining a 50% compound growth rate indefinitely is unrealistic. Tesla's CFO emphasized the focus on efficient volume growth, with more detailed 2024 guidance expected in the next earnings call.

Source: CNBC

(This article was written with assitance from ChatGPT)

Written by Ursa Nova

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