Tesla reported on Monday that it had delivered 405,278 vehicles in the fourth quarter of 2022. The automaker posted a record number of deliveries, but fell short of Wall Street’s expectations of about 420,000 to 425,000 deliveries.
The electric vehicle company also reported a total production volume of 439,701 units for the fourth quarter. This brings Tesla’s total annual shipments to 1.31 million, and his total production in 2022 to 1.37 million.
While Tesla delivered an impressive 40% growth in car deliveries, the company also missed its own guidance of 50% growth in production and deliveries this year. The automaker needed him to sell 495,760 vehicles in the fourth quarter to meet its guidance.
Tesla’s fourth quarter deliveries were up from 343,830 sold in the third quarter. The automaker’s last-minute discounts may have given Tesla a boost towards the end of the quarter. As a result, Tesla cut $3,250 in early December, down $7,500 from the price of the Model 3 and Model Ys, which were delivered in the US last December.
Tesla also offered discounts in Mexico and China last quarter, but it’s not yet clear what impact those price drops have had on the automaker’s margins.
Tesla’s production and delivery report does not disclose regional figures, but Tesla said production at its two new factories in Austin and Berlin has increased in recent months. The company also ramped up production at its Fremont plant and in Shanghai, which has recovered from production delays due to COVID-19 control measures.
Some investors fear that China’s current lack of COVID-19 control measures will also affect Tesla’s sales should the disease spread. Many are also concerned about CEO Elon Musk’s antics and distractions over his Twitter overhaul.
The company’s stock has fallen 65% since January. The stock market is closed today, so we’ll see how the delivery news affects the stock price tomorrow.
This article has been updated to clarify that the stock market will be closed on Monday.
