Leading American automaker Tesla enjoyed steady growth in its NASDAQ-listed stock from January 3 at $108.10 to January 31 at $173.22. However, its stock remained stagnant since the beginning of the following month.
Tesla stock was trading at $181.41 on February 1 and wavered around that level until reaching a high of $214.24 on February 15, 2023. By the end of February, it was $205.71.
The steady growth in Tesla stock in January makes sense since the EV giant had remarkable results in 2022 on its automotive business and solar and energy projects.
TSLA NASDAQ
| Date | Changes |
| January 3, 2023 | $108.10 |
| January 4, 2023 | $113.64 |
| January 5, 2023 | $110.34 |
| January 6, 2023 | $113.06 |
| January 9, 2023 | $119.77 |
| January 10, 2023 | $118.85 |
| January 11, 2023 | $123.22 |
| January 12, 2023 | $123.56 |
| January 13, 2023 | $122.40 |
| January 17, 2023 | $131.49 |
| January 18, 2023 | $128.78 |
| January 19, 2023 | $127.17 |
| January 20, 2023 | $133.42 |
| January 23, 2023 | $143.75 |
| January 24, 2023 | $143.89 |
| January 25, 2023 | $144.43 |
| January 26, 2023 | $160.27 |
| January 27, 2023 | $177.90 |
| January 30, 2023 | $166.66 |
| January 31, 2023 | $173.22 |
| February 1, 2023 | $181.41 |
| February 2, 2023 | $188.27 |
| February 3, 2023 | $189.98 |
| February 6, 2023 | $194.76 |
| February 7, 2023 | $196.81 |
| February 8, 2023 | $201.29 |
| February 9, 2023 | $207.42 |
| February 10, 2023 | $196.89 |
| February 13, 2023 | $194.64 |
| February 14, 2023 | $209.25 |
| February 15, 2023 | $214.24 |
| February 16, 2023 | $202.04 |
| February 17, 2023 | $208.31 |
| February 21, 2023 | $197.37 |
| February 22, 2023 | $200.86 |
| February 23, 2023 | $202.07 |
| February 24, 2023 | $196.88 |
| February 27, 2023 | $207.63 |
| February 28, 2023 | $205.71 |
Tesla’s Q4 and FY 2022 results
Automotive business
Tesla reported solid results for its production and deliveries in Q4 and FY 2022 performance.
In the fourth quarter of 2022, Tesla recorded a new high in its global electric vehicle production of about 44% YoY to 439,701 units. At the same time, its global customer delivery reported a YoY increase of 31% to a record-setting 405,278 units.
As for the full-year results, Tesla reported a YoY growth in its global EV production of 47% to 1,369,611 units. Meanwhile, its deliveries saw a YoY increase of 40% to 1,313,851 EVs.
| Q4 2022 | FY 2022 | |
| Production | 439,701 units, up 44% | 1,369,611, up 47% |
| Deliveries | 405,278 units, up 31% | 1,313,851, up 40% |
Energy and solar business
Tesla’s energy storage business is indeed gaining traction in the market. The Musk-led automaker reported achieving its highest level of deployments for its home and utility-scale battery to 6.5 GWh.
Meanwhile, its solar business reported total deployments of 100 MW in Q4 2022, totaling 348 MW last year.
All these considered, it is unsurprising that Tesla stock consistently increased in the first month of the year. The automaker gained investors’ trust again following its Q4 and FY 2022 reports.
However, Tesla stock almost has not changed since then. On February 1, the stock was at $181.41, increased to $214.24 on February 15, then went back to $205.71 on February 28.
Why has Tesla stock stagnated since February?
Many factors might affect the stagnation of Tesla stock in February following a consistent growth last month.
Tesla has recently been having battery deals with major companies across the world. In fact, it inked a battery material deal worth $2.9 billion with South Korea’s L&F.
The EV giant has also been developing its own batteries for many years now. Tesla disclosed a target of additional 100 GWh of battery capacity in its Nevada plant in January.
Furthermore, Tesla has also secured offtake deals with lithium miners. It has also been attempting to obtain permits for the company’s own lithium refining facility in Texas.
It must be noted that these are just a few of Tesla’s recent ventures related to EV batteries. Remarkably, these announcements attracted investors, increasing Tesla stock by 1.8% in premarket trading.
However, customers must buy cars that use those batteries. In this case, Tesla China’s insurance registrations were only 10,700 a week ago, totaling 32,000 units in February. It fell short of Wall Street’s estimate of about 40,000 units.
“We expect the company will provide key updates on its global expansion [and] capacity plans, overall demand especially in the crucial China region, and supply constraints.”
Dan Ives, Wedbush analyst
