- Tesla rarely delivers less than it produces
- 2022 was Tesla stock’s worst year since going public
Jan 2 (Reuters) – Tesla Inc (TSLA.O) It reported record fourth-quarter production and deliveries for electric vehicles on Monday, but that missed Wall Street estimates, citing logistics problems, falling demand, rising interest rates and fears of a recession.
The world’s most valuable automaker delivered 405,278 vehicles in the final 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 during the same period last year.
Tesla delivered 388,131 Model 3 compact sedans and Model Y sports utility vehicles (SUVs), compared to 17,147 Model X and Model S luxury cars.
In total, Tesla built 439,701 cars in the fourth quarter.
As logistics disruptions persisted — an issue CEO Elon Musk said he was working to resolve in October — Tesla’s fourth-quarter deliveries fell by about 34,000 vehicles in production.
In the third quarter, the company’s deliveries were about 22,000 units lower than production.
It’s rare for an automaker to deliver fewer cars than it did in previous quarters, when it delivered more or similar numbers of vehicles produced in previous quarters.
Among other setbacks for Tesla, analysts have cited weak demand in China, the world’s top auto market, and stiff competition from legacy automakers such as Ford Motor Co. (FN)General Motors Co (GM.N) and startups like Rivian Automotive (RIVN.O) and the Lucid Group (LCID.O).
Tesla plans to run a reduced production schedule at its Shanghai plant in January, extending reduced output that began this month into next year, according to a Reuters report, based on a review of internal schedules.
Tesla’s stock, which did not trade Monday due to the New Year’s holiday, has fallen 65% in 2022, its worst year since going public in 2010. Analysts and retail stakeholders fear that demand issues stemming from an uncertain economy will hamper the company’s growth target. 50% distribution per annum.
“This is a disappointing delivery number and the bulls will not be happy,” Wedbush Securities analyst Daniel Ives said.
Tesla said it plans to hold its investor day on March 1 and will broadcast the event live from its Gigafactory in Texas, where it will discuss long-term 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 developing a “next-generation vehicle” that would be cheaper and smaller than the Model 3 and Model Y cars.
(This story has been reprinted to remove the New York deadline)
Reporting by Akash Sriram and Paranjot Kaur in Bangalore; Additional reporting by Akansha Khushi; Editing by Sriraj Kalluvila, Matthew Lewis, Howard Koller and Barbara Lewis
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