Tesla Inc (NASDAQ: TSLA) this morning released its fourth quarter 2020 vehicle production and delivery results. Given that the results were released on a Saturday morning, its unsurprising that the company failed to meet its delivery guidance for the full fiscal year, missing the low end of its prior guidance.
In total, Tesla announced deliveries of 499,550 vehicles within 2020, failing to meet its guidance of 500,000 deliveries or more for the fiscal year, with CEO Elon Musk earlier this year indicating that the company should “comfortably exceed” that figure. The company managed to produce 509,737 vehicles over the course of the year.
Speaking specifically to the fourth quarter, the firm produced 179,757 vehicles, while delivering 180,570. Deliveries for the quarter fell short of recent analyst expectations, with Credit Suisse recently estimating 183,000 deliveries in the quarter, while Wedbush had stated that deliveries between 190,000 to 200,000 vehicles were possible.
Factset reportedly had a consensus estimate of 174,000 vehicle deliveries for the quarter, which Tesla bulls will likely point to as being bullish for the automaker. The fine print of the firms news release also notably states, “Our delivery count should be viewed as slightly conservative, as we only count a car as delivered if it is transferred to the customer and all paperwork is correct. Final numbers could vary by up to 0.5% or more.“
Tesla last traded at $705.67 on the Nasdaq.
Information for this briefing was found via Tesla and Barron’s. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.