Tesla’s total fourth-quarter deliveries were consistent with its November 2015 projection to ship between 17,000 and 19,000 vehicles during the period.
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Q4 Model S deliveries were approximately 48% more than our prior quarterly record and approximately 75% more than Q4 previous year. CEO Elon Musk said at launch that the company was producing just around five cars a week. However, in the announcement about the delivery numbers, the automaker said the number of Model X deliveries was in line with their expectations for the early stages of ramping production of the SUV. Overall, the company hit its annual target to ship more than 50,000 vehicles.
The launch of the Model X was a big thing for Silicon Valley automaker as it now has a second model in production beyond its Model S sedan launched in 2012. For the year, Tesla shares increased by 7.9 percent, closing at $240.01 on December 31.
But the news wasn’t all happy there, either: one of the company’s cars reportedly caught fire and melted to a crisp while connected to a supercharger in Norway.
The stock got hammered after reporting fourth-quarter deliveries of 17,400 vehicles. As a point of interest, the Model X, which is still backlogged, only accounted for 208 deliveries over the past quarter.
According to recent reports, it looks like Tesla has managed to set a new delivery record for its Model S in 2015. The Model X, on the other, only saw 208 sales before the year’s end.
We rate TESLA MOTORS INC as a Hold with a ratings score of C-.
“Tesla, at this point, is notorious for slow timelines and delivery”, said Jessica Caldwell, senior analyst at Edmunds.com.
First released in 2012, the Model S is a full-sized, plug-in electric, five-door vehicle that boasted the longest range of any electric vehicle released at the time.
“We remain on the sidelines until we see further clarity around the Model X ramp and the Model 3 reveal”, Kallo, who rates the shares neutral, wrote in a research note published early Monday. Tesla’s stock wasn’t helped by the selloff in the Shanghai stock market, since China has been a key market for the luxury electric cars.
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The NHTSA closed the probe in March 2014 saying that Tesla had taken steps to increase underbody production.
