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Tesla Model S and Model X sales revived to five-year highs in Q4

(Credit: Tesla)

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Tesla Model S and Model X sales reached levels that have not been seen in five years.

Tesla reported the company’s sales figures for Q4 today, confirming that it reached its 1.8 million unit production and delivery goal for the year. As usual, the Model 3 and Model Y managed to make up a vast majority of the sales, making up over 90 percent of the company’s sales mix for the year.

For the quarter, the Model S and Model X were grouped with the Cybertruck, which started initial deliveries in late November, but the all-electric pickup’s contributions to the figure were minuscule. Tesla likely delivered less than 100 units in November and December, but for whatever reason, the company is keeping the exact number under wraps.

With that being said, 22,969 of those “other models,” including the Model S and Model X, were sold and delivered during the final quarter of 2023. This is a five-year high, outpacing any quarter since 2019 (via Saywer Merritt):

Tesla Model S and Model X deliveries were as low as 2,000 units, which occurred in Q1 2021 as the company revamped both models and did not produce any of the past builds, and as high as 19,225, which happened in Q2 2023.

The vehicles have quickly become an extremely small sliver of what Tesla delivers and produces on a quarterly and annual basis, and CEO Elon Musk said a few years ago there was only one reason for the Model S and Model X still being produced.

Tesla’s Q1 ’21 Deliveries prove Elon Musk was right about the Model S and X in 2019

“I mean, they’re very expensive, made in low volume. To be totally frank, we’re continuing to make them more for sentimental reasons than anything else. They’re really of minor importance to the future,” Musk said in 2019. “They’re great cars. I mean, the Model S literally won MotorTrend’s best car ever in history, by the way. It’s incredible, especially the new one with variable damping suspension, hospital operating room, HEPA filter for air purification, the raven powertrain. It’s the fastest car in the world, and it’s just so easy to drive. It makes you feel like Superman driving that car. It’s incredibly safe. It’s just an amazing vehicle.”

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Although the numbers for the Model S and Model X were stronger, they could be attributed to lower prices for the premium vehicles. Additionally, the Model X’s Long Range configuration qualified for tax credits, making it even more accessible to consumers.

I’d love to hear from you! If you have any comments, concerns, or questions, please email me at joey@teslarati.com. You can also reach me on Twitter @KlenderJoey, or if you have news tips, you can email us at tips@teslarati.com.

Joey has been a journalist covering electric mobility at TESLARATI since August 2019. In his spare time, Joey is playing golf, watching MMA, or cheering on any of his favorite sports teams, including the Baltimore Ravens and Orioles, Miami Heat, Washington Capitals, and Penn State Nittany Lions. You can get in touch with joey at joey@teslarati.com. He is also on X @KlenderJoey. If you're looking for great Tesla accessories, check out shop.teslarati.com

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Tesla ownership without home charging: Here’s how it’s done

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Credit: Tesla

I bought a Tesla without having perhaps the biggest advantage of owning an electric vehicle: home charging.

People told me it could be done, others said it eliminated the purpose of owning an EV. I knew I wanted a Tesla, and I knew I could probably get away with not having access to charging at home.

I traded my ICE vehicle for a Tesla Model Y: here’s how it went

The strategy I planned to use without having home charging was pretty simple: there’s a Supercharger a few miles away, and there’s also low-level charging at my local grocery store. The Model Y also came with a Mobile Connector, so there was another way I could charge in a pinch.

There are also some distinct advantages I have over others, including the fact that I do not commute to and from work, and I’m also situated only a handful of miles from things like the store and shopping, and most of my errands can be completed without driving more than 15 miles back and forth.

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A common misconception about being reliant on Supercharging is the cost. Many believe that Supercharging is so expensive that it costs about the same as buying gas.

However, there are many workarounds for that, some of which I have used weekly to save money and increase convenience.

Here’s how I’ve made it work, and how I suggest you can too:

Charge During Off-Peak Hours as Much as Possible

The biggest tip I have for those who choose to buy an EV but do not have access to at-home charging is the advantage that is off-peak rates.

At my local Supercharger, it costs $0.47 from 8 a.m. to 10 p.m., and just $0.18 from 10 p.m. to 8 a.m.

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That means if you can wake up a little earlier or go to bed a little bit later, you’ll save nearly three times the money. This is not to say that I never charge during peak hours, but I try to save the longer charges for off-peak hours, and it’s been a huge advantage for me.

One morning recently, I was at 9 percent and I charged to 90 percent. It only cost me about $11. Charging during peak hours, that same charge would have been roughly $26.

Tesla Supercharger access has proven to be a challenge for one company

In my Bronco Sport, going from 40 miles to a full tank, roughly 400 miles, would have cost me well over $40.

It’s not so bad either. The Supercharger I use is located at a Sheetz, so I’m able to go in, grab a coffee and a breakfast sandwich, charge, watch YouTube in the car, and sometimes, I even get to enjoy a nice sunrise on the way home.

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If I have to go at night, my Fiancè and I usually use the opportunity to spend time together. We’ll run over to the Supercharger, grab snacks, and watch whatever we’re binging on Netflix (right now, it’s Narcos).

Many people said that Supercharging would cost me more than filling up my gas car. According to my Tesla app, that simply isn’t the case.

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While I have been forced to charge during peak hours at times for about a month and a half, in about fifteen charging sessions, I’ve saved about $70. Over the course of a year, that would equate to over $800.

Utilize Other Charging Solutions

Although my Charging Stats above show that I’ve only used it 1 percent of the time, I have the advantage of free charging at my grocery store.

It is a Shell Recharge EV charging station, and there are two of them at the store. I used my J1772 adapter to charge, and it charges slowly at 11.5 kW.

However, it is great if you’re doing your shopping for the week and you’re stuck at the store for an hour or two. If you have one or two of these at your grocery store, just remember to be courteous and charge until you have a reasonable amount of range.

What I’ll Do Moving Forward

One ongoing effort has been pushing my leasing office to install a few EV chargers in our neighborhood. Because we rent, we are truly at the mercy of what the leasing office will allow and what they’ll do to make the lives of EV owners easier.

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I’m hoping to continue pushing the management company to a point that will eventually get EV chargers in the neighborhood, especially while I live here and for those who will live here after we leave.

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Tesla widens rollout of new Full Self-Driving suite to more owners

Tesla started rolling out Full Self-Driving v14 nearly two weeks ago, but it was a very controlled release that made its way to only a small group of owners who are part of the EAP.

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(Credit: Tesla)

Tesla is widening its rollout of the new Full Self-Driving suite to more owners, after it had been confined to those in the Early Access Program (EAP) for a couple of weeks.

Tesla started rolling out Full Self-Driving v14 nearly two weeks ago, but it was a very controlled release that made its way to only a small group of owners who are part of the EAP.

It seemed logical to keep things tight; v14 was Tesla’s first major FSD release in a year, and it featured a handful of new features, including a new, slower driving profile known as “Sloth,” and the ability to park in an area at the destination that was designated by the driver.

There were also other improvements, including parking garage navigation, yielding for emergency vehicles, better recognition and handling for road debris, and a more refined ride experience overall. So far, it has been the best FSD suite Tesla has rolled out, capable of more than any previous release.

However, it has only been available to that small group of EAP Tesla owners. Now, it appears Tesla is starting to roll out Full Self-Driving v14 to more owners for the first time with v14.1.2:

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Tesla rolled out FSD v14.1.2 for the first time last night, introducing further refinements to the initial two v14 iterations that were made available to owners, as well as the new Mad Max Speed Profile, which offers higher speeds during travel and more lane changes.

Tesla launches ‘Mad Max’ Full Self-Driving Speed Profile, its fastest yet

The first reviews of the Mad Max Speed Profile have been raving with positivity. Owners praise its ability to handle congestion and heavy traffic, as well as its decisiveness and reduced hesitation, which other Profiles have been noted for in the past two v14 releases.

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The expansion of the FSD suite, especially with this new version, will make so many owners happy, as the release has been slow, controlled, and exclusive. Now that it is making its way to more Tesla owners, we will see more refinements and features in the coming weeks.

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Investor's Corner

Barclays lifts Tesla price target ahead of Q3 earnings amid AI momentum

Analyst Dan Levy adjusted his price target for TSLA stock from $275 to $350, while maintaining an “Equal Weight” rating for the EV maker.

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Credit: Tesla China

Barclays has raised its price target for Tesla stock (NASDAQ: TSLA), with the firm’s analysts stating that the electric vehicle maker is approaching its Q3 earnings with two contrasting “stories.” 

Analyst Dan Levy adjusted his price target for TSLA stock from $275 to $350, while maintaining an “Equal Weight” rating for the EV maker.

Tesla’s AI and autonomy narrative

Levy told investors that Tesla’s “accelerating autonomous and AI narrative,” amplified by CEO Elon Musk’s proposed compensation package, is energizing market sentiment. The analyst stated that expectations for a Q3 earnings-per-share beat are supported by improved vehicle delivery volumes and stronger-than-expected gross margins, as noted in a TipRanks report.

Tesla has been increasingly positioning itself as an AI-driven company, with Elon Musk frequently emphasizing the long-term potential of its Full Self-Driving (FSD) software and products like Optimus, both of which are heavily driven by AI. The company’s AI focus has also drawn the support of key companies like Nvidia, one of the world’s largest companies today.

Still cautious on TSLA

Despite bullish AI sentiments, Barclays maintained its caution on Tesla’s underlying business metrics. Levy described the firm’s stance as “leaning neutral to slightly negative” heading into the Q3 earnings call, citing concerns about near-term fundamentals of the electric vehicle maker.

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Barclays is not the only firm that has expressed its concerns about TSLA stock recently. As per previous reports, BNP Paribas Exane also shared an “Underperform” rating on the company due to its two biggest products, the Robotaxi and Optimus, still generating “zero sales today, yet inform ~75% of our ~$1.02 trillion price target.” BNP Paribas, however, also estimated that Tesla will have an estimated 525,000 active Robotaxis by 2030, 17 million cumulative Optimus robot deliveries by 2040, and more than 11 million FSD subscriptions by 2030.

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