Tesla beats the odds with year-end deliveries push

foxbusiness.com:

Auto expert Mike Caudill argues Elon Musk's design of the Tesla Cybertruck will push potential buyers away on 'Cavuto: Coast to Coast.'

Tesla beat estimates for fourth-quarter deliveries on Tuesday, according to its production and deliveries report for 2023. 

Elon Musk's electric vehicle company delivered a record 484,507 vehicles between October and December and hit its 2023 target of 1.8 million, supported by federal tax credits included in the Inflation Reduction Act (IRA). 

Tesla had pushed to hand over more Model 3 electric cars before the tax incentives on some variants of the compact sedan expired in the New Year.

Analysts polled by the London Stock Exchange Group had said the end of tax incentives would bring sales forward into the fourth quarter and impact deliveries in 2024. They predicted Tesla would deliver 473,253 units by the end of the year, but the company beat expectations. 

CYBERTRUCK'S PRICE TAG DRAWS MIXED REVIEWS

Visitors look at Tesla's new Model 3 sedan at the China International Fair for Trade in Services in Beijing, Sept. 2, 2023. (Florence Lo / Reuters Photos)

The rear-wheel drive and long-range variants of Tesla's Model 3 compact sedan no longer have federal tax credits of $7,500 this year as updated requirements on battery material sourcing kick in, under the IRA.

Fourth-quarter deliveries were about 11% higher than the third quarter, during which upgrades to assembly lines to make the updated Model 3 mass-market sedan hurt some production.

ELON MUSK'S SOCIAL-MEDIA COMMENTS SPARK TESLA INVESTOR BACKLASH

Tesla's Model 3 is displayed a day ahead of the official opening of the Munich Auto Show IAA Mobility, in Germany, Sept. 4, 2023. (Angelika Warmuth / Reuters Photos)

Tesla also delivered