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Price cuts boost Tesla 4Q sales, beating estimates as electric vehicle growth rate slows

Tesla
Posted at 9:50 AM, Jan 02, 2024
and last updated 2024-01-02 09:50:39-05

DETROIT (AP) — Steep price cuts helped electric vehicle maker Tesla Inc. increase its fourth-quarter vehicle sales by almost 20% as EV sales growth slowed across the industry.

The Austin, Texas, company said Tuesday that it sold 484,507 vehicles worldwide from October through December.

That handily beat Wall Street estimates of 473,000 for the quarter.

For the full year, Tesla said it sold just over 1.8 million vehicles, up 37.7% from 2022 numbers.

Full-year sales numbers fell far short of CEO Elon Musk's prediction of 50% sales growth in most years.

But the company did exceed an internal target for the year of 1.8 million vehicle sales.