Tesla’s 2024 Plans Unveiled After Record-Breaking Delivery of 2 Million EVs in 2023

Analysts Remain Unimpressed with Company’s Performance Despite Efforts

In 2023, Tesla had another prosperous year as the company disclosed its Q4 and full-year financial outcomes during an earnings conference.

During the last quarter, the completely electric brand produced a total of 494,989 automobiles and successfully provided 484,507 of those vehicles to its customers. The majority of these deliveries were attributed to the Model 3 and Model Y, which accounted for 461,538 units being delivered between October and December’s conclusion.

The total number of deliveries projected for 2023 is at 1,808,581. Once more, the Model 3 and Model Y have played a major role in this triumph, with a collective count of 1,739,707 deliveries. The remaining models, including the Model S, Model X, and Cybertruck, contributed a relatively smaller sum of 68,874 to the overall figure.

“2023 was a remarkable year for the Tesla team,” stated CEO Elon Musk. “We have accomplished an extraordinary feat of producing over 1.8 million vehicles, breaking our production record. This is truly a phenomenal achievement.”

Tesla Q4 and full year 2023 Financial Results and Q&A Webcast

According to Musk, the Fremont facility was accountable for producing 560,000 of those vehicles, solidifying its position as the top-producing automotive plant in North America. One of the notable accomplishments was the Model Y’s success in becoming the highest-selling vehicle worldwide. This achievement is even more impressive when taking into account that its initial cost is $43,990 before any incentives are applied. “It’s not just the best-selling electric vehicle, but also the best-selling vehicle overall, with a staggering 1.2 million units delivered,” Musk proudly stated.

During a conversation about the updated Model 3, Musk stated that Tesla is currently developing a new, more affordable vehicle platform, and plans to begin production at Giga Texas before expanding to other factories.

According to sources, the upcoming compact crossover from Tesla, currently codenamed “Redwood,” is set to enter production in the coming year. The highly-anticipated vehicle is said to feature state-of-the-art manufacturing technology, with CEO Elon Musk claiming it surpasses any other system used in the automotive industry.

According to Tesla, the production of their new Cybertruck is the main concern, not the demand. Nevertheless, the company remains confident in its ability to fulfill current orders by 2024.

During the fourth quarter of 2023, the overall revenue reached a total of $25.17 billion, reflecting a modest increase of 3% from the previous year. Despite the company’s impressive profitability, the final amount fell short of the projections made by various analysts. Despite strong sales in the previous year, the carmaker cautioned that there could be a significant decline in growth in 2024, contrary to expectations. The stock value of Tesla also took a hit, dropping by 6% following this announcement.

Elon Musk has issued a warning that if no measures are taken, Chinese electric vehicle (EV) companies will seize control of the global automotive market, leaving other manufacturers behind. This concern has already been voiced by European officials. In response, Tesla has implemented significant price reductions in various markets to keep up with its Chinese competitors and maintain competitiveness.

As we look ahead to 2024, let’s delve into what lies in store for Tesla. With an upcoming budget-friendly crossover in the pipeline, the company could potentially retain its global dominance in the electric vehicle industry.Tesla is barreling towards the future with groundbreaking technology and innovative designs. Its impressive fleet of electric cars has solidified its status as a pioneering force in the automotive market. However, with competition intensifying, it will be interesting to see if Tesla can maintain its stronghold in the coming years.The introduction of the Model Y, a mid-sized crossover, has been highly anticipated by both Tesla enthusiasts and skeptics alike. This model aims to bridge the gap between luxury and affordability, making electric vehicles accessible to a broader audience. By tapping into a larger market, Tesla may continue to set the standard for EVs globally.Another key element that will shape Tesla’s success in 2024 is their progress in battery technology. As more automakers enter the EV arena, the demand for efficient and long-lasting batteries will only get stronger. If Tesla can stay ahead of the curve and produce superior batteries, they will have a significant advantage over their competitors.Moreover, Tesla’s continuous expansion of charging infrastructure will play a crucial role in their growth. By building more Super