Tesla on Monday reported record production and deliveries of electric vehicles in the fourth quarter, but it missed Wall Street estimates, weighed down by logistics problems, sluggish demand, rising interest rates and recession fears. .
The world’s most valuable automaker delivered 405,278 vehicles in the final three months of the year, compared with Wall Street expectations of 431,117 vehicles, according to Refinitiv data.
The company delivered 308,600 vehicles in the same period a year ago.
Tesla delivered 388,131 Model 3 compact sedans and Model Y sports utility vehicles (SUVs), compared to 17,147 Model X and Model S luxury cars.
In total, Tesla built 439,701 cars in the fourth quarter.
As logistical hurdles persisted — an issue CEO Elon Musk said in October he was working to resolve — Tesla’s fourth-quarter deliveries fell by about 34,000 vehicles.
In the third quarter, the company’s shipments were about 22,000 units below production.
Delivering fewer cars than this has been rare for the automaker, which has delivered higher or similar numbers of vehicles produced in previous quarters.
Among other key issues for Tesla, analysts cited weak demand in the world’s top auto market chain, as well as stiff competition from Ford Motor, General Motors and startups such as Raven Automotive and Lucid Group.
Tesla plans to run a reduced production schedule at its Shanghai plant in January, extending the reduced production that began this month into next year, JEE News reports, based on an internal schedule review.
Tesla’s stock, which did not trade Monday because of the New Year’s holiday, fell 65 percent in 2022, its worst year since going public in 2010. Analysts and retail shareholders fear that demand problems due to an uncertain economy will reduce the company’s growth target. Delivery by 50% annually.
“It was a disappointing delivery number and the bulls will not be happy,” Wedbush Securities analyst Daniel Ives said.
Tesla said in a separate statement that it plans to host its investor day on March 1 and live stream the event from its Gigafactory in Texas as it plans to expand and capitalize on the long-term. Will discuss plans.
The automaker also hinted at a “Generation 3” platform to show off to investors at Investor Day. Musk said in October that Tesla was working on a “next-generation vehicle” that would be cheaper and smaller than the Model 3 and Model Y cars.
