Shares of Tesla Inc (NASDAQ: TSLA) are down more than 5.0% this morning after the EV company reported its quarterly deliveries and production figures.
Tesla reports record deliveries in Q4
The multinational delivered 405,278 vehicles in the final quarter of 2022. That represented a 40% year-over-year growth to a record number, which still fell short of 427,000 that Street had expected.
For a quarter haunted by headwinds, including the COVID outbreak in China that made it temporarily suspend production at its gigafactory in Shanghai, though, it was a strong enough figure.
The Nasdaq-listed firm also said on Tuesday that it produced 439,701 vehicles in the fourth quarter. Full-year deliveries and production number came in at 1.31 million and 1.37 million, respectively.
Versus the start of 2022, Tesla stock is currently down over 70%.
Tesla stock reiterated a top pick for 2023
It is noteworthy here that the electric vehicles manufacturer resorted to price cuts this quarter to spur demand. That, in return, could weigh on its margins. Still, Baird’s Ben Kallo reiterated Tesla stock his “top pick for 2023” on Tuesday and said:
Q4 deliveries missed consensus but beat our estimates. Importantly, production increased ~20% q/q, which we expect to continue into 2023 as gigafactories in Berlin and Austin continue to ramp.
He recommends that investors buy Tesla stock on the pullback and sees upside in it to $252 a share – more than double the price at which its trading at writing.
According to CEO Elon Musk, the sell-off in shares of his EV giant last year was entirely related to the macroeconomic headwinds as Invezz reported here.
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