Tesla shares fell 5% before market open on Monday following the company’s announcement that it produced over 365,000 vehicles and delivered over 343,000. The number of vehicles delivered marked a record for Tesla, but it was shy of Wall Street estimates.
Tesla hosted its second AI Day late on Friday, with the company giving an update on its Optimus robot and progress around full self-driving, or FSD, and the Dojo supercomputer.
“Historically, our delivery volumes have skewed towards the end of each quarter due to regional batch building of cars,” Tesla said in a statement. “As our production volumes continue to grow, it is becoming increasingly challenging to secure vehicle transportation capacity and at a reasonable cost during these peak logistics weeks.”
While Tesla’s deliveries missed consensus, they were closely in line with JPMorgan’s model, according to analyst Ryan Brinkman. “We continue to see the potential for a positive surprise on price vs. cost resulting from vehicle-price increases instituted in the aftermath of the Russian invasion of Ukraine, which were meant to offset then-surging battery metals inflation,” he wrote.
Opinion: Big selling wave in stocks makes for a buying opportunity, says Baron manager who has 20% of his fund’s assets in Tesla The company also showed impressive advancements in hardware infrastructure, training datasets, and the types of models used to build up FSD features, according to Stein. “From a commercial perspective, TSLA noted that in the last year, the number of users has grown from only 2,000 to 160,000,” he wrote. “Further, the company plans to deliver a significant upgrade to FSD in about one month’s time, and it believes FSD could be delivered worldwide by the end of this year .
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