NEW YORK: Tesla said on Monday (Jan 2) it had delivered 1.31 million electric vehicles in 2022 -– a record for the US automaker and a 40% jump from a year before, but still short of its own and Wall Street’s expectations.
The Elon Musk-led company has set a long-term goal of increasing its deliveries by 50% a year on average.
Tesla reported record production and deliveries for fourth-quarter electric vehicles, but it missed Wall Street estimates, burdened by logistics problems, slowing demand, rising interest rates and fears of recession.
The world’s most valuable automaker delivered 405,278 vehicles in the last three months of the year, compared with Wall Street expectations of 431,117 vehicles, according to Refinitiv data.
The company had delivered 308,600 vehicles in the same period a year earlier.
Tesla delivered 388,131 Model 3 compact sedans and Model Y sports utility vehicles (SUV) compared with 17,147 Model X and Model S luxury cars.
In total, Tesla made 439,701 cars in the fourth quarter.
Tesla’s fourth-quarter deliveries fell about 34,000 vehicles short of production.
In the third quarter, the company deliveries were about 22,000 units fewer than production.
“This was a disappointing delivery number and the bulls will not be happy,” said Wedbush Securities analyst Daniel Ives.
Delivering fewer cars than it makes has been rare for the automaker, which in previous quarters delivered more or similar numbers to the vehicles produced.
Production was suspended at its Shanghai plant for several weeks during the course of last year due to Covid restrictions.
Tesla plans to run a reduced production schedule in January at its Shanghai plant, extending the lowered output it began this month into next year, according to a Reuters report, based on a review of an internal schedule.
In October, the company’s chief financial officer Zach Kirkhorn said that Tesla might fall short of its goal.
Industry watchers are concerned that demand for Tesla's relatively pricey electric vehicles could bottom out amid global economic uncertainty and stiffer competition in the sector.
They are also concerned about Musk's current focus on operations at social media site Twitter, which he acquired last year.
After soaring on Wall Street in 2020 and 2021, Tesla shares plummeted 65% in 2022.
Tesla said in a separate statement that it plans to host its Investor Day on March 1 and livestream the event from its Gigafactory in Texas when it will discuss longterm plans for expansion and capital allocation.
The automaker also hinted at a “generation 3” platform to show its investors on Investor Day. Musk said in October that Tesla was working on a “next-generation vehicle” which will be cheaper and smaller than the Model 3 and Model Y cars. – AFP
Source: The Sun Daily
A word from our sponsor:
Need Help With Your Personal Finance / Money Issue or need a coach to help you structure or just want to learn the financial skill to self manage your financial matters and retirement. iLearnFromCloud.com
Need to solve a problem quickly, now you can solve it by learning the art of problem solving Art Of Problem Solving
Feeling hungry. Latest food news from Best Restaurant To Eat Malaysian Food and Travel Blog
Memory loss. Need to organize better. Solve problem fast with Free Mind Mapping Software Mind Mapping 101
Need A Customized System Development for your business or Going Paperless XPERT TECHNOLOGIES - Empowering The Paperless Economy
No comments:
Post a Comment