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TESLA DELIVERIES: Tesla announced that in the fourth quarter that it produced 439,701 vehicles, 4% of which are subject to operating lease accounting, and delivered 405,278 vehicles. In 2022, vehicle deliveries grew 40% year-over-year to 1.31M while production grew 47% year-over-year to 1.37M, Tesla said in a statement. "We continued to transition towards a more even regional mix of vehicle builds which again led to a further increase in cars in transit at the end of the quarter," it added. Tesla’s Q4 Model 3 and Y production was 419,088, its Model S and X was 20,613.
Following the announcement, several Wall Street analysts lowered their price targets on the shares. Cowen analyst Jeffrey Osborne lowered the firm’s price target on Tesla to $122 from $205, while keeping a Market Perform rating on the shares. The analyst highlighted that the company missed the Q4 deliveries estimate, production was in-line with consensus and 8.5% above deliveries which the company attributed to increased cars in transit as the company shifts to a more balanced regional mix of vehicle builds.
Deutsche Bank analyst Emmanuel Rosner also lowered the firm’s price target on Tesla to $250 from $270 but kept a Buy rating on the shares. The analyst noted that while 2022 deliveries were below Tesla’s longer-term target of 50% growth, it still represents a solid result in the midst of COVID lockdowns, supply chain challenges, as well as rising macro weakness and challenging consumer environment especially in China. He believes Tesla remains in the best position for 2023 growth.
Meanwhile, Truist analyst William Stein lowered the firm’s price target on Tesla to $299 from $348 but maintained a Buy rating on the shares. The company’s Q4 deliveries were about 5% below consensus and the near-term pricing/demand trends are now worse than they were a few months ago, the analyst tells investors in a research note. Stein also cut his full year 2023 EPS view on Tesla to $6.05 from $6.92, though he continues to expect the company to grow units at a "rapid pace," reaching 10M by 2030.
CHINESE EV MAKERS DELIVERIES: Chinese EV makers NIO (NIO), Li Auto (LI), and Xpeng (XPEV) also announced deliveries over the weekend. NIO said it delivered 15,815 vehicles in December, representing an increase of 50.8% year-over-year. NIO also said it delivered 40,052 vehicles in Q4, representing an increase of 60.0% year-over-year, and 122,486 vehicles in 2022 in total, increasing by 34.0% year-over-year.
Meanwhile, XPeng said it delivered 11,292 Smart EVs to customers in December, representing a 94% increase over November. Total vehicle deliveries for Q4 reached 22,204. As of December 31, 2022, year-to-date deliveries were 120,757, representing a 23% increase year-over-year. Total cumulative deliveries reached 258,710 as of December 31, 2022.
Lastly, Li Auto announced that the company delivered 21,233 vehicles in December 2022, representing an increase of 50.7% year over year. This brought the company’s Q4 deliveries to 46,319, up 31.5% year over year. Total deliveries in 2022 increased by 47.2% year over year to 133,246. The cumulative deliveries of Li Auto vehicles reached 257,334 as of the end of December.
Published first on TheFly
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