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Tesla announced on Monday that it delivered 405,278 automobiles in the fourth quarter of 2022. Despite setting a record for deliveries, the manufacturer fell short of Wall Street’s forecast of between 420,000 and 425,000 cars delivered.
The manufacturer of electric vehicles stated that 439,701 units were produced overall in the fourth quarter. With this, Tesla will have delivered 1.31 million units annually and produced 1.37 million units overall in 2022.
Despite a remarkable 40% increase in deliveries, Tesla fell short of its own projection for the year, which called for a 50% increase in both production and deliveries. To meet that guidance, the manufacturer needs to sell 495,760 vehicles in the fourth quarter.
Compared to the 343,830 vehicles sold in the third quarter, Tesla’s Q4 deliveries increased. Tesla may have benefited from the automaker’s last-minute reductions toward the end of the quarter. Tesla reduced the cost of the Model 3 and Model Ys that were delivered in the United States in December by $3,250 in early December and $7,500 last week, in part in response to the Inflation Reduction Act’s EV tax credits that would offer Tesla owners rebates of up to $7,500.
Last quarter, Tesla also offered pricing reductions in Mexico and China, though it is yet unclear how such price cuts would have affected the automaker’s profit margins.
The production and delivery report from Tesla does not break down numbers by geographic location, although the company has stated that production at its two new factories in Austin and Berlin has increased recently. The corporation has also increased production at its factories in Shanghai and Fremont, which recovered from production pauses brought on by COVID-19 control measures.
Some investors worry that, in the event of a widespread disease, the absence of COVID-19 control measures in China will also have an impact on Tesla sales. A lot of people are also concerned about CEO Elon Musk’s antics on Twitter and his diversion with that platform.
Since January, the company’s stock price has dropped by 65%. Since the stock market is closed today, we won’t know until tomorrow whether the delivery announcement has had any impact on share price.
