The electric-vehicle maker handed over 92,550 Model 3 and 19,450 Model S and Model , eclipsing its previous total best of 97,000 set in the prior three months. Tesla delivered 367,500 vehicles total in all of 2019, topping the low end of its forecast for at least 360,000. electric vehicles in the fourth quarter, according to a
The results add to the momentum Chief Executive Officer Elon Musk ended last year with following a surprise quarterly profit reported in late October. To stay on a roll, Tesla will have to overcome the ceasing of federal tax credits for its vehicles in the U.S. and less-generous support from the Netherlands, which generated with tax incentives that expired at year-end.
Tesla shares climbed as much as 5.5% to shortly after the start of regular trading. The stock rose 26% in 2019.
Tesla delivered about 7,000 more cars than it produced in the quarter, meaning the automaker managed to reduce inventory. The Palo Alto, California-based company hasn’t scheduled a date yet for the release of fourth-quarter earnings.
The outlook for government incentives to support burgeoning electric-vehicle demand is positive in parts of the world, , where Musk has announced Tesla will build its next factory. And while s in China have further reducing subsidies, a new plant Tesla has built near Shanghai is making Model 3s assembled there eligible for , and locally built sedans will be exempt from a .
International deliveries of the Model 3 sedan began in early 2019 and became a significant source of sales over the course of the year. While Tesla doesn’t release a breakdown of deliveries by region or country, the company disclosed in October that revenue in the U.S. plummeted by in the third quarter from the year-earlier period. That drop more than offset growth in other geographies.
Note: In some quarters, final delivery numbers reported in quarterly shareholder letters varied from the company's initial statements.
Heading into Tesla’s report, analysts were divided over where the carmaker’s deliveries are headed next. Canaccord Genuity raised its price target by more than , telling clients that the shift in demand toward electric vehicles will only accelerate this year. JMP Securities wrote that Wall Street’s expectations for this year were “oddly low.” on Thursday
The average price target for Tesla shares is , according to data compiled by Bloomberg. Eleven analysts recommend buying the shares, compared with 10 holds and 15 sells.