Tesla announced that it had beaten vehicle delivery estimates for the fourth quarter of 2023 following a late push to produce more Model 3 EVs before some versions of the cars lost federal tax credits in 2024 under the U.S.'s Inflation Reduction Act.

According to Reuters, the American automobile company was able to deliver a record number of vehicles during Q4, helping the organization hit its 2023 target of 1.8 million cars.

Tesla was able to deliver 484,507 vehicles during the final three months of 2023, beating the estimates of 14 analysts surveyed by LSEG, who predicted the company would only deliver 473,253 units during Q4 2023. Tesla reported that fourth-quarter deliveries increased by roughly 11% from the previous quarter.

The organization was able to deliver over 461,000 Model 3 and Model Y cars during the quarter with the remaining 23,000 vehicles being other Tesla models.

The company said that it is hoping to deliver 2.2 million vehicles in 2024, which would be a 22% increase from 2023, albeit at a slower rate of growth.

Cybertrucks are expected to make up a small fraction of deliveries in 2024. However, Elon Musk said in October 2023 that the company wants to produce 250,000 Cybertrucks in 2025.