Tesla (TSLA.US) delivered 0.4956 million vehicles in the fourth quarter of last year, up 2% and 7% year-on-year and quarter-on-quarter, hitting a new quarterly high, despite market expectations, UBS reported. According to the bank's conversations with investors, sellers expect 0.5 million to 0.51 million vehicles, but are moving towards the lower end of the range near the end of the year. In addition, the company's production in the fourth quarter of fiscal year was 0.4594 million vehicles, down 7% and 2% year-on-year and quarter-on-quarter, and production fell behind the delivery volume of about 0.036 million vehicles, resulting in a decrease in inventories. The bank's rating on the company is “Sell” with a target price of $226.
The Bank points out that the immediate focus of the market will shift to the results company at the end of the month, which believes that due to the topic of artificial intelligence surrounding the company, the results conference may be dominated by comments from co-founder Musk, the stock performance will be more influenced by his remarks and relatively less attention on the data. However, the bank also said it will give guidance on partial deliveries in 2025, saying Musk has indicated 20% to 30% unit growth. The bank believes that the slowdown in deliveries will remove the U.S. tax rebate on electric vehicles, or lower the likelihood of expected growth by 20 to 30 percent for investors. (vc/w)
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