Gelonghui, January 3 | Morgan Stanley published a research report stating that Tesla's fourth-quarter delivery volume was about 3% less than market expectations. Although the group ultimately failed to achieve its 'slight growth' target for the fiscal year 2024, the quarterly delivery of 495,600 vehicles set a company record and exceeded the same period in 2023 by more than 10,000 vehicles. Furthermore, the report mentioned that, since Tesla's fourth-quarter delivery volume was 36,000 vehicles higher than its production volume, the inventory days were reduced by 6 to 7 days. Morgan Stanley believes that Tesla's performance falling short of expectations reflects relatively aging products and that the increase in the supply of globally lower-priced competitive products before the group launches cheaper new models (Juniper) in early to mid-2025 is enough to offset the force of pre-orders and promotions. Morgan Stanley has given a 'Shareholding' rating with a Target Price of $400.