UBS Group published a report stating that Tesla's delivery volume in the fourth quarter of last year reached 495,600 vehicles, increasing by 2% year-on-year and 7% quarter-on-quarter, reaching a new quarterly high; however, it fell short of market expectations. According to conversations between the bank and investors, the sell-side expected deliveries to be between 500,000 to 510,000 vehicles, but leaned towards the lower end as year-end approached. Additionally, the company's production volume in the fourth quarter of the last fiscal year was 459,400 vehicles, declining by 7% year-on-year and 2% quarter-on-quarter, with production lagging behind delivery volume by about 36,000 vehicles, resulting in a decrease in inventory. The bank's rating for the company is 'Sell,' with a target price of $226.

The bank indicated that the market's immediate focus will shift to the earnings results at the end of this month. It believes that due to the AI topics surrounding the company, the Earnings Conference may be significantly influenced by comments from co-founder Musk, and stock performance will be more affected by his remarks, while attention to data will be relatively reduced. However, the bank also expects the company to provide guidance on some delivery volumes for 2025, noting that Musk has indicated a unit growth of 20% to 30%. The bank believes that the slowdown in delivery volumes, along with the removal of EV tax incentives in the USA, may lead investors to lower their expectations for the likelihood of 20% to 30% growth.