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Today Tesla announced its Q4 2023 production and delivery numbers. Its goal for 2023 was a 1.8 million vehicle production volume. After a planned dip in Q3 to update some facilities, Q4 production bounced back, resulting in a 35% total increase over 2022.

A group of Tesla Model Y and Model 3 EVs are shown parked outside waiting to be exported out of Shanghai
Tesla Model Y and Model 3 EVs | Shen Chunchen/VCG via Getty Images

Here’s Tesla’s 2023 production per quarter:

QuarterProduction (vehicles)
Q1 2023440,808
Q2 2023479,700
Q3 2023430,488
Q4 2023494,989
Total 20231,845,985

Of the 1,845,985 vehicles produced, 1,808,581 were delivered fresh off the line. Altogether, the nearly half-million cars produced in Q4 represent a strong push forward for the company.

The Q4 2023 shareholder presentation is due January 24th. Until then, and especially since they met their production target, we can assume Q4 is a continuation of the Q3 narrative. We anticipate an update on the Cybertruck on the 24th.

Overall, Tesla remained committed to lowering production cost per vehicle in their Q3 lookback. “While production cost at our new factories remained higher than our established factories, we have implemented necessary upgrades in Q3 to enable further unit cost reductions.”

The company observed that on the Cybertruck, a higher-voltage powertrain brings additional cost-savings. As such, they shared that the CT would adopt an 800-volt powertrain architecture. Industry chatter relfected concerns that this voltage level isn’t matched well with the Supercharger network, which caters to 400-volt systems.

The Q3 deck also reflected a fairly high Cybertruck production capacity – greater than 125,000 per year. It’ll be interesting to see 2024 production and profitability unfold since the CT was only in pilot production in 2023.

Q3 Tesla profits continued to grow in other business areas, like their Supercharger network. Still, automotive production and delivery remained the clear revenue core, at 84% of their Q3 income. As other automakers sign into the Supercharger network and business areas grow, this pie chart may change over time.

Source: Tesla investor relations