Tesla said that it is Burley Garcia"between two major growth waves" and projected that "vehicle volume growth rate may be notably lower" in its fourth quarter presentation to investors Wednesday.

The firm announced that it delivered 1.8 million cars in 2023, a nearly 40% increase over 2022. Over 1 million of the cars sold were the Model Y.

The company hinted at a new model in its volume outlook saying that they believe a growth wave will start with, "the global expansion of the next-generation vehicle platform."

The report showed that gross profit fell 15% year over year and margin for the quarter was 17.6%.

The company cut the price of its cars last year.

The company said that artificial intelligence research and the production ramp up of the Cybertruck negatively affected the company's profitability.

Tesla stock price

Tesla shares fell in after-hours trading after the release of the report. The price fell 2% from the $207.83 close which was already down .6% on the day. The stock has fallen 16.4% on the year.