revealed Tesla, on Monday, announced record production and delivery of electric vehicles For the fourth quarter of last year, but it did not exceed Wall Street estimates, following the company was burdened with logistical problems, slowdown in demand, high interest rates and recession fears.
The world’s most valuable automaker delivered 405,278 vehicles in the last three months of 2022, compared to Wall Street expectations of 431,117 vehicles, according to Refinitiv data.
The company had delivered 308 thousand and 600 cars in the same period of the year 2021, according to what was reported by “Archyde.com”, and viewed by “Al Arabiya.net”.
Tesla delivered 388,131 Model 3 compact sedans and Model Y SUVs, compared to 17,147 Model X and Model S vehicles.
In total, Tesla built 439,701 cars in the fourth quarter.
And with logistical bottlenecks continuing — a problem that CEO Elon Musk said in October he was working to fix — Tesla’s fourth-quarter production deliveries were regarding 34,000 vehicles lower than planned.
In the third quarter, the company’s deliveries were regarding 22,000 units short of production.
Delivering fewer cars is a rarity for the automaker, which in previous quarters delivered more or similar numbers of cars produced on a quarterly basis.
Analysts also pointed to weak demand in the world’s largest auto market in China, as well as stiff competition from legacy automakers such as Ford Motor and General Motors, as well as start-ups such as Rivian and Lucid.
Tesla plans to run a reduced production schedule in January at its Shanghai factory, extending the cuts it began in December.
Tesla stock, which did not trade on Monday due to the New Year holiday, fell 65% in 2022, its worst year since going public in 2010.
Analysts and retail shareholders fear that demand problems stemming from a cloudy outlook on the economy will affect the company’s target of 50% annual growth in deliveries.
The electric car manufacturer hinted at the “Generation 3” platform, the details of which will be revealed at the company’s “Investor Day” in March.
Musk said in October that Tesla was working on a “next-generation car” that would be cheaper and smaller than the Model 3 and Model Y cars.