Tesla Inc (NASDAQ:TSLA) delivered 484,507 vehicles during the fourth quarter, topping analyst estimates of 473,253, the electric vehicle (EV) maker reported on Tuesday.
It delivered 461,538 Model 3 and Y vehicles and 22,969 other models during the last three months of the year.
Production for the quarter was 494,989 EVs.
For 2023, it grew deliveries by 28% to 1.81 million, achieving the company's target of 1.8 million, and production by 25% to 1.85 million.
Analysts at Wedbush noted that the fourth quarter was important for Tesla to show strong deliveries with clear momentum into 2024 as demand has unticked since the third quarter.
“Pricing was stable and actually increased in China throughout the quarter as the price war in China has finally hit a calm period which is music to the ears of Tesla bulls,” they wrote in a note to clients.
“This was a clear win for [CEO Elon] Musk and Tesla as hitting 1.8 million vehicles for 2023 was a major achievement in a choppy macro for EVs.”
The analysts maintained their ‘Outperform” rating on Tesla stock with a US$350 price target.
Tesla shares closed Tuesday down less than 0.1% at $248.42.