Tesla shares slip as Q4 deliveries deemed largely neutral US

Tesla Analysts Downplay Q4 Delivery Dip, Point to AI, Robotaxi and Full Self‑Driving as the Real Bet

  • Tesla delivered 418,227 vehicles in Q4, slightly below the 422,850 company-polled consensus and last year’s level.
  • Shares fell 1.1% to $444.80 after the delivery report.
  • Analysts largely called the results neutral, citing the expiration of U.S. EV tax credits as a key factor.
  • Several firms emphasized Tesla’s longer-term AI and autonomy initiatives over near-term volumes.
  • Retail sentiment on Stocktwits was “extremely bearish” with high message volume, despite the stock being up 10% over 12 months.

On Friday, Tesla reported Q4 deliveries of 418,227 vehicles, missing a company-polled expectation of 422,850 and falling below last year’s figure; the stock fell 1.1% to $444.80. Analysts pointed to the expiration of U.S. EV tax credits as a primary reason for the sequential decline and noted that investors are focused on longer-term AI and autonomy developments.

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William Blair analyst Jed Dorsheimer told TheFly that the deliveries were “expected” and reflected a 16% sequential decline after a record quarter, largely tied to the tax credit lapse. He said the result should have limited impact on the stock, which he views as valued “almost entirely” on Tesla’s shift toward real-world AI via robotaxi services and the Optimus humanoid robot; William Blair kept a Market Perform rating.

Stifel called the results roughly neutral, saying deliveries were slightly above its forecast but about 1% below consensus. The firm pointed to the lapse of U.S. EV incentives and said investors will focus on margin details at Tesla’s earnings release on Jan. 26; Stifel has a Buy rating and a $508 price target.

Truist cut its price target to $439 from $444 and kept a Hold rating, advising investors to prioritize Tesla’s AI work, especially full self-driving, over delivery trends, and noting energy storage deployments beat expectations. RBC Capital said deliveries missed the company-polled consensus and cited the EV credit expiry, maintaining an Outperform rating and a $500 price target while saying weaker Chinese competitors might help Tesla’s demand in China.

Gene Munster of Deepwater Management said deliveries came in slightly above the “whisper number” and, after adjusting for pull-forward demand before the tax credit deadline, appear to be stabilizing, which allows investors to focus on autonomy. Tesla researcher Troy Teslike warned of a possible larger decline in 2026 and questioned scalable, driverless full self-driving with a vision-only approach in a post on X.

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On Stocktwits, retail sentiment for Tesla was labeled “extremely bearish” amid high message volume. Users debated international opportunities and near-term stock movement; the shares have gained about 10% over the past 12 months.

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