Tesla (TSLA) has announced its annual outlook, warning of "notably lower" vehicle industry growth in 2024.
The manufacturer is known for not offering precise direction, while having a likely better picture of its own company than any other automaker because it controls its whole distribution operation, as opposed to other automakers that use the third-party dealer model.
Instead, Tesla has projected a "roughly 50%" average yearly growth rate in vehicle deliveries.
Tesla today announced its Q4 and full-year 2023 financial results. Companies frequently offer guidance for the coming year based on the outcomes.
The automaker included only the following paragraph for guidance:
Our company is currently between two major growth waves: the first one began with the global expansion of the Model 3/Y platform and the next one we believe will be initiated by the global expansion of the next-generation vehicle platform. In 2024, our vehicle volume growth rate may be notably lower than the growth rate achieved in 2023, as our teams work on the launch of the next generation vehicle at Gigafactory Texas.
To be fair, Tesla has already notified institutional investors about this scenario.
We reported on Martin Viecha, Tesla's head of investor relations, telling an investor conference that the company is "now in an intermediate low-growth period."
Tesla is now more explicit in stating that it expects a "notably lower" growth rate than in 2023.
In 2023, Tesla's vehicle deliveries increased by 38% year on year.
On the other side, Tesla is forecasting higher performance for its energy storage business.
In 2024, the growth rate of deployments and revenue in our Energy Storage business should outpace the Automotive business.
Tesla’s energy storage business grew an astonishing 125% in 2023.
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