11:23 AM EST, 01/02/2025 (MT Newswires) -- Tesla (TSLA) on Thursday reported a year-over-year drop in vehicle deliveries for 2024, with fourth-quarter figures missing Wall Street's forecasts, sending the electric vehicle maker's shares lower.

Tesla delivered 495,570 vehicles in the December quarter, up from 484,507 from last year but below the FactSet-polled consensus of 498,000 vehicles. In the third quarter, the company delivered 462,890 vehicles.

The company produced 459,445 vehicles, down from 494,989 in the year-ago period and 469,796 units in the October quarter.

"Overall we would characterize this is a respectable delivery number although the Street and bulls wanted to see a (500,000+) number and the stock will be a bit weak on the knee jerk reaction," Wedbush Securities said in a client note.

Tesla shares declined 5.7% in Thursday trading.

In 2024, Tesla delivered about 1.79 million vehicles, down from 1.81 million in the year prior. Its production fell to roughly 1.77 million units during the year from 1.85 million in 2023.

Tesla's low-cost electric vehicle expected to be launched in early 2025 could help boost deliveries, Wedbush said. The brokerage reiterated an outperform rating and a $515 price target on the stock.

Truist Securities, however, lowered its discounted cash flow-driven price target on the company's stock to $351 from $360, while maintaining its hold rating.

On Wednesday, a parked Tesla Cybertruck exploded outside the Trump International Hotel in Las Vegas, killing the driver of the vehicle and injuring seven people, CNN reported. Tesla Chief Executive Elon Musk wrote on social media platform X that the explosion was unrelated to the vehicle.

"We have now confirmed that the explosion was caused by very large fireworks and/or a bomb carried in the bed of the rented Cybertruck and is unrelated to the vehicle itself," Musk said.

Cybertruck "contained the explosion and directed the blast upwards," Musk wrote on X in a separate post.

Price: 380.06, Change: -23.78, Percent Change: -5.89