Tesla recently released the numbers for the vehicles they made and delivered in the last part of 2023. Here are the important figures:
Deliveries from October to December 2023: 484,507
Vehicles produced from October to December 2023: 494,989
Total deliveries for the entire year 2023: 1,808,581
Total production for the entire year 2023: 1,845,985
In 2022, Tesla, led by Elon Musk, shared that they delivered 1.31 million vehicles and produced 1.37 million electric vehicles for the entire year. The latest figures show a 38% increase in deliveries and a 35% increase in production compared to the previous year. In 2022, the company achieved a 40% growth in deliveries compared to 2021.
During their latest earnings call in October 2023, Tesla executives predicted that the company would achieve at least 1.8 million deliveries for the entire year. This was a revision from their earlier goal of reaching 2 million deliveries.
Analysts anticipated that Tesla would announce deliveries of around 477,000 vehicles for the quarter ending the year, based on a consensus of estimates gathered by StreetAccount as of December 28. Deliveries serve as the closest approximation to sales in Tesla’s reports, though the company doesn’t precisely define them in communications to shareholders.
In an earnings call for the third quarter in October, Tesla’s CEO Elon Musk expressed his expectation that the Model Y, the company’s entry-level SUV, would likely become the “bestselling car on Earth,” not only in revenue but also in unit volume for the year. Although Tesla doesn’t provide specific delivery and production figures for each model, they report combined numbers as a whole.
Production Numbers and New Models
During the quarter, Tesla manufactured 476,777 vehicles of the Model 3 and Model Y, and reported 461,538 deliveries for these models. The production and delivery numbers for Model S and Model X were not provided separately; instead, they were grouped under “Other Models,” with 18,212 produced and 22,969 delivered in total.
In the final quarter of 2023, Tesla introduced its updated version of the entry-level Model 3, known as the “Highland” version, in certain markets. Additionally, in December, the company started delivering a limited quantity of its latest electric vehicle, the distinct and somewhat controversial Cybertruck, in the United States.
Tesla did not provide specific figures for the Cybertruck and the Semi, its heavy-duty commercial truck produced in limited quantities at its battery plant near Reno.
During the last quarter of 2023, Tesla implemented price reductions globally as a strategy to navigate what Tesla CFO Vaibhav Taneja referred to as “a period of economic uncertainty, higher interest rates, and changing consumer sentiment” in the company’s October earnings call.
BYD, a Chinese automaker and Tesla’s major global competitor, achieved sales of 3.02 million new energy vehicles in 2023. This total includes 1.6 million battery-electric passenger cars and 1.4 million hybrid electric models.
Tesla’s Controversies
Some individuals who were considering or had considered buying from Tesla have announced intentions to refrain from doing so due to Elon Musk’s frequent and controversial statements on X (formerly Twitter), the social media platform he currently owns, and during other public speaking events. In November, the White House criticized Musk for promoting “antisemitic and racist hate” in a series of posts on X, a situation for which Musk later expressed regret.
Nevertheless, in the latter part of 2023, Tesla initiated advertising campaigns, a departure from its previous approach of avoiding traditional advertising in favor of unconventional marketing methods like events, giveaways, and collaborations with social media influencers.
Currently, Tesla runs two car assembly plants in the United States and two abroad – one in Shanghai and the other in Brandenburg, Germany. They also have a battery factory in Sparks, Nevada, along with other facilities dedicated to producing spare parts, charging equipment, and large batteries for home or utility-scale energy storage. Additionally, the company revealed its intention to build another car plant in Nuevo León, Mexico, as announced in March.
When questioned about the 2024 delivery outlook during the company’s recent earnings call, Musk remarked, “It’s obvious that a compound growth rate of 50% cannot be sustained indefinitely, or you will surpass the mass of the known universe. However, I believe we will experience rapid growth, significantly outpacing any other car company on Earth.”
At that time, Taneja emphasized Tesla’s focus on “expanding our volumes in a highly cost-efficient manner” and mentioned that guidance for 2024 would be provided in the upcoming earnings call.
Tesla is scheduled to discuss its fourth-quarter results on January 24, 2024, at 5:30 p.m. ET.
Conclusion
Tesla experienced significant growth in 2023, delivering 1.81 million vehicles and producing 1.85 million. Despite controversies and adjustments in delivery goals, Tesla adapted its strategies, introducing new models and expanding globally. The company faces uncertainties, but Elon Musk foresees sustained rapid growth. The upcoming January 24, 2024, earnings call will offer more insights.
