Market News

Tesla Records Over 300,000 Deliveries in Q4, Beats Expectations

Despite supply-chain challenges and other logistical issues in the auto industry, strong momentum was visible in American EV maker Tesla’s (NASDAQ: TSLA) vehicle deliveries for the final quarter of 2021 and the full year 2021. 

Quarterly Numbers 

On January 2, the company disclosed that its total deliveries for the quarter stood at 308,600 vehicles, significantly beating analysts’ expectations of 275,000 units. This represents a year-over-year increase of 70.9% on strong production in China, and the seventh consecutive quarter of record deliveries, despite semiconductor shortages globally. 

Markedly, the total number of vehicles delivered included 11,750 Model S/X and 296,850 Model 3/Y.  

Total quarterly production of 305,840 vehicles was produced at Tesla’s two primary assembly plants in Fremont, California, and Shanghai, where annual capacity stands at more than 1.2 million units. Markedly, early in 2022, the company is likely to open two more assembly facilities, one in Austin, Texas, and the other near Berlin, Germany. 

Annual Numbers 

In 2021, total deliveries came in at 936,172 vehicles, up 87% year-over-year from 499,550 deliveries in 2020. The total number of vehicles delivered included 24,964 Model S/X and 911,208 Model 3/Y. 

Markedly, management continues to expect an increase in annual volumes by 50% on average in the coming years. 

Price Performance 

Tesla shares rose around 50% in 2021, driven by continued growth expectations, with the company’s market capitalization exceeding $1 trillion. 

Wall Street’s Take 

Following the update on vehicle deliveries, Wedbush analyst Daniel Ives maintained a Buy rating and a price target of $1,400 (32.48% upside potential) on the stock. 

Ives commented, “In a nutshell, these numbers are hard to poke holes in and will be a major feather in the cap for the bulls on Monday morning and should improve broader sentiment on the EV space as a whole. While there are many competitors in the EV space, Tesla continues to dominate market share as evidenced again this quarter while battling through the chip shortage and now is seeing China demand step up big time after facing headwinds earlier in 2021.” 

The rest of the Street is cautiously optimistic about the stock, with a Moderate Buy consensus rating based on 14 Buys, 8 Holds, and 4 Sells. The average Tesla stock forecast of $1,058.42 implies that shares are fully-valued at current levels. 

Website Traffic  

TipRanks’ Website Traffic Tool, which uses data from SEMrush Holdings (NYSE: SEMR), the world’s biggest website usage monitoring service, offers insight into Tesla’s performance this quarter.  

According to the tool, the Tesla website recorded a 1.2% increase in global visits in November compared to the same period last year. In contrast, a quarter-to-date comparison showed a decrease of 6.43% compared to Q4 2020, while year-to-date website traffic growth stands at 1.67%. 

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