Tesla misses production target as Musk’s company loses value

In a first since 2011 Tesla misses production target as Musk’s company loses value. The electric car bubble has burst fro Tesla, as the US electric vehicle pioneer has been hit by slowing demand.

But also, it is important to understand that major vehicle manufacturers are now creating much better electric cars at a fraction of price.

Tesla misses production target as Musk’s company loses value

The company said on Thursday that it delivered 495,570 vehicles in the quarter. Analysts had expected a figure of more than 500,000.

In October, Tesla reported a higher-than-expected quarterly profit and forecast “slight growth” in deliveries for 2024, while chief executive Elon Musk predicted that the group’s vehicle sales could increase 20 percent to 30 per cent in 2025. But even the most optimistic Musk fan, will not support that statement.

For the whole year, Tesla delivered 1.79mn vehicles, just below the 1.81mn delivered in 2023 and the first annual drop since 2011, according to Bloomberg data.

As well as the company forecast is one of the many problems that Tesla is facing, with the company suffering more than average production recalls.

Tesla has registered its first fall in vehicle deliveries in more than a decade, as its fourth-quarter figures missed analysts’ estimates, as Musk’s company loses value, pushing the shares down 5 percent.