Here’s your Investing Action Plan to kick off 2024. It’s what you need to know for the coming week. Tesla (TSLA) will report deliveries, with expectations that it’ll come in around its full-year target of 1.8 million EVs. China EV and battery giant BYD (I WILL) will likely pass Tesla in fully electric vehicles for the fourth quarter. Li Auto (LI), XPeng (XPEV) and Nio (NIO) also will report monthly, quarterly and full-year deliveries. Meanwhile, investors will get the December jobs report and several other key economic reports.
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Leading Stocks Pull Back Bullishly
Many leading stocks are extended, but a number are finding support around the 21-day exponential moving average after solid runs to or near the 20%-25% profit-taking zone. Those include Free market (MELI), Spotify (SPOT), DoorDash (DASH), PDD Holdings (PDD) and Palo Alto Networks (PANW). Most are trading tightly over the past few weeks. MELI stock could have a flat base in another week.
Jobs Report Headlines Economic Data
Economic reports will ring in the new year with a look at key data from late 2023. The December jobs report on Friday will highlight the week, with economists expecting continued to modest hiring. That will follow November job openings and the December ADP Employment report on Wednesday and Thursday, respectively. On Tuesday, the December ISM manufacturing index is seen showing an ongoing factory slump.
Will Tesla Hit Delivery Target?
Tesla (TSLA) is expected to report Q4 and full-year vehicle deliveries on or around Tuesday, Jan. 2, as it strives to hit its goal of 1.8 million unit sales in 2023. Through the end of Q3, Tesla delivered about 1.324 million vehicles globally for the year, meaning the company needs to deliver under 476,000 in Q4 to reach 1.8 million. That’s 2% more than its record 466,140 deliveries in the second quarter and a rebound from Q3’s 435,059. Wall Street consensus currently expects 473,000 deliveries in Q4 with 1.797 million for the full year. However, strong China sales raise optimism that Tesla will get to its goal. Tesla stock is trading around early entries, not far from a buy point.
BYD The New BEV Leader?
Li Auto (LI), XPeng (XPEV), Nio (NIO) will report monthly, quarterly and full-year deliveries on Monday, Jan. 1. Li Auto is likely to challenge 50,000 deliveries in December. China EV and battery giant BYD (I WILL) will report on Jan. 2, needing December sales of 316,626 to hit its 2023 target of 3 million electric vehicles. BYD was expected to top 500,000 fully electric vehicles in Q4, overtaking Tesla.
Please follow Ed Carson on X/Twitter at @IBD_ECarsonThreads at @edcarson1971 and Bluesky at @edcarson.bsky.social for stock market updates and more.
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