Electric vehicle (EV) maker Tesla (TSLA) released its most recent delivery data today and the results were not what shareholders hoped for. The EV company reported 495,570 deliveries for Q4, below analysts’ estimate of 504,770. Additionally, its 2024 deliveries of 1,789,226 are down 1.1% year-over-year from 1.81 million.
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It’s worth highlighting the year-over-year drop in deliveries as it marks the first time Tesla has experienced a drop by that metric. On top of that, the company has been reporting year-over-year delivery increases of at least 35% since 2016.
TSLA Stock Drops on Delivery Data
Shareholders of Tesla stock aren’t happy about today’s delivery news, pushing the company’s shares 5.84% lower as of this writing. This comes after the shares rallied 63.1% in the last year. A large portion of that rally is tied to Donald Trump’s 2024 election win. Musk openly supported Trump during the election and is expected to lead the planned Department of Government Efficiency (DOGE).
Wedbush analyst Dan Ives claims that today’s selloff of Tesla shares is a “knee jerk reaction” from investors. He argues that the company reported a “respectable delivery number” for Q4 and 2024, despite missing estimates and posting a year-over-year drop.
Is TSLA Stock a Buy, Sell, or Hold?
Turning to Wall Street, the analysts’ consensus rating for Tesla is Hold based on 13 Buy, 11 Hold, and 9 Sell ratings over the last three months. With that comes an average price target of $292.03, a high of $515, and a low of $24.86. This represents a potential 23.47% downside for TSLA shares. Analysts are also likely to update their coverage following today’s delivery data. It also bears mentioning that Tesla will release its latest earnings report near the end of January.
