Tesla delivered a record 405,278 new cars over the three months ending in December, which is up +31.5% year-over-year and +18.1% higher from the prior quarter. However, the figure was below analysts’ original expectations of around 450,000 (although the estimate was lowered over the past month following reports of a week-long shutdown at the electric carmaker's Shanghai factory).
Deliveries for the full year came in at 1,313,851, up +40% from 2021 levels. CEO Elon Musk has promised 50% growth rates over the foreseeable future.
JP Morgan analyst Ryan Brinkman slashed his price target on Tesla shares by $25, to $125 per share, following the fourth quarter deliveries report. Brinkman maintained his 'overweight' rating on the stock. According to the analyst, vehicle price cuts in key markets, along with extended sales incentives in China would likely crimp fourth quarter margins and temper near-term production and delivery estimates.