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Tesla delivers 405,278 vehicles in Q4, missing Wall Street expectations • TechCrunch

Tesla delivers 405,278 vehicles in Q4, missing Wall Street expectations • TechCrunch

Tesla delivers 405,278 vehicles in Q4, missing Wall Street expectations • TechCrunch

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Tesla announced 405,278 vehicles delivered in the fourth quarter of 2022 on Monday. While the automaker hit a record number of deliveries, it still fell short of Wall Street expectations of around 420,000 to 425,000 units delivered.

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The electric vehicle company also reported total production of 439,701 vehicles in the fourth quarter. This brings Tesla’s total annual shipments to 1.31 million and total production in 2022 to 1.37 million.

While Tesla posted an impressive 40% growth in shipments, the company also missed its own guidance for the year, which called for 50% growth in production and shipments for the year. The automaker needed to sell 495,760 vehicles in the fourth quarter to meet those forecasts.

Tesla’s fourth-quarter deliveries are up from 343,830 vehicles sold in the third quarter. The automaker’s last-minute discounts might have given Tesla a boost towards the end of the quarter. Partly in response to the Inflation Reduction Act’s electric vehicle tax credits, which would give Tesla buyers rebates of up to $7,500, Tesla cut $3,250 in early December and $7,500 the last week the price of models 3 and Y delivered to the United States in December.

Tesla also offered discounts in Mexico and China last quarter, and it’s not yet clear how those price cuts would have affected the automaker’s margins.

Tesla’s Production and Delivery Report does not disclose numbers by region, but Tesla said production at its two new factories, Austin and Berlin, has increased in recent months. The company also ramped up production at its Fremont and Shanghai plant, which rebounded from production delays due to COVID-19 control measures.

Some investors are concerned that the current lack of COVID-19 control measures in China could also affect Tesla’s sales in the event of widespread illness. 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 tomorrow we’ll see how the delivery news has affected the stock price, if at all.

This article has been updated to clarify that the exchange is closed on Mondays.

Tech

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