Tesla fails to reach its 2022 growth target of 50%

Tesla fails to reach its 2022 growth target of 50%

Tesla fell short of its target of attaining 50% growth year-to-year in 2022 with just over 1.3 million cars shipped. To fulfil its aim, the business needed to make about 1.4 million deliveries, demonstrating that transportation and logistical issues continue to plague the EV industry.

In the fourth quarter of 2022, Tesla reported delivering 405,278 cars, including 17,147 Model S and X vehicles and 388,131 Model 3 and Y vehicles. Analysts on Wall Street had predicted 415,000 autos shipped throughout the quarter. The business delivered 66,705 Model S and X cars throughout the year, as well as 1,247,146 Model 3 and Y automobiles.

Analysts had anticipated a healthy 1.8 million cars delivered for the year, but Tesla only needed to produce 1.4 million in 2022 to achieve its target of 50% growth. Despite narrowly missing that target, it was another record quarter of deliveries for the EV manufacturer, which has faced a lot of hurdles this year, many of which had nothing to do with Elon Musk’s purchase of Twitter.

“We continued to transition towards a more even regional mix of vehicle builds which again led to a further increase in cars in transit at the end of the quarter,” the company said in a statement. “Thank you to all of our customers, employees, suppliers, shareholders and supporters who helped us achieve a great 2022 in light of significant COVID and supply chain-related challenges throughout the year.”

Tesla faced unique challenges this year, including declining demand, an ageing portfolio, and more incredible rivalry from incumbent manufacturers. Musk’s acquisition of Twitter resulted in a dramatic drop in Tesla’s stock price, which fell by up to 65 per cent over the course of the year. According to Bloomberg, the crash chopped billions off Musk’s net worth, making him the unlucky first to lose $200 billion.

Tesla has now revealed that it will broadcast its investor day on March 1st, 2023 and that select investor will be able to attend in person.

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