Tesla delivers 405,278 vehicles in Q4, falling short of Wall Street expectations TechCrunch
Tesla report Monday, 405,278 vehicles were delivered in the fourth quarter of 2022. While the automaker hit a record number of deliveries, it fell short of Wall Street’s expectations of between 420,000 and 425,000 deliveries.
The electric vehicle company also reported total production of 439,701 vehicles in the fourth quarter. This brings Tesla’s total annual deliveries to 1.31 million and total production in 2022 to 1.37 million.
While Tesla had an impressive 40% growth in delivery numbers, the company also missed its own guidance for the year, expected to grow 50% in production and delivery during the year. The automaker needs to sell 495,760 vehicles in Q4 to reach that goal.
Tesla’s Q4 deliveries increase from 343,830 vehicles sold in the third quarter. The automaker’s last-minute price cuts may have helped Tesla raise prices later in the quarter. Partly to meet the Inflation Reduction Act electric vehicle tax credits, which would offer Tesla buyers up to $7,500 in rebates, Tesla took a cut. $3,250 in early December and $7,500 last week Discount Model 3 and Model Ys shipping in the US in December.
Tesla also slashed prices in Mexico and China last quarter, and it’s still unclear how those price cuts will affect the automaker’s bottom line.
Tesla’s production and deliveries report doesn’t reveal quantities by region, but Tesla says production at its two new factories, Austin and Berlin, has increased sharply in recent months. The company has also ramped up production at plants in Fremont and in Shanghai, which have recovered from production disruptions caused by COVID-19 control measures.
Some investors are scared that the current lack of COVID-19 control measures in China will also affect Tesla’s sales in the event of a widespread epidemic. Many are also worried about CEO Elon Musk’s antics and the distraction caused by his Twitter overhaul.
The company’s share price has fallen 65% since January. The stock market is closed today, so we’ll see tomorrow how the delivery news has affected stock prices, if any.
This article has been updated to clarify that the stock market is closed on Mondays.