- Tesla rarely delivers less than it makes
- Tesla shares in 2022 had their worst year since going public
Jan 2 (Reuters) – Tesla Inc ( TSLA.O ) reported on Monday record production and deliveries of electric vehicles for the fourth quarter, but missed Wall Street forecasts weighed down by logistics problems, slowing demand, rising interest rates and fears of recession.
The world’s most expensive automaker delivered 405,278 vehicles in the final three months of the year, compared with Wall Street expectations for 431,117 vehicles, according to data from Refinitiv.
The company delivered 308,600 vehicles in the same period last year.
Tesla delivered 388,131 Model 3 compact sedans and Model Y sport utility vehicles (SUVs), compared to 17,147 Model X and Model S luxury vehicles.
In total, Tesla produced 439,701 vehicles in the fourth quarter.
Reuters Graphics
As logistics difficulties persist — a problem that CEO Elon Musk said in October he was working to resolve — Tesla’s fourth-quarter shipments fell by about 34,000 vehicles.
In the third quarter, the company’s shipments were about 22,000 units less than production.
Delivering fewer cars than it produces is rare for the automaker, which in previous quarters has delivered more or similar numbers of vehicles produced.
Among other headwinds for Tesla, analysts pointed to weak demand in the world’s biggest auto market, China, as well as strong competition from legacy automakers such as Ford Motor Co ( FN ), General Motors Co ( GM.N ) and startups such as Rivian Automotive (RIVN.O) and Lucid Group (LCID.O).
Tesla plans to launch a reduced production schedule in January at its Shanghai plant, extending the reduced production that began this month into next year, according to a Reuters report based on a review of an internal schedule.
Tesla shares, which were not traded on Monday due to a New Year holiday, fell 65% in 2022, their worst year since going public in 2010. Analysts and retail shareholders feared that demand problems stemming from uncertain economy, will hinder the company’s goal of growing shipments by 50% annually.
“This was a disappointing delivery number and the bulls will not be happy,” Wedbush Securities analyst Daniel Ives said.
Tesla said in a separate statement that it plans to host an investor day on March 1 and broadcast the event live from its Gigafactory in Texas, when it will discuss long-term expansion plans and capital allocation.
The automaker also hinted at a “Gen 3” platform to show its investors at Investor Day. Musk said in October that Tesla was working on a “next-generation vehicle” that would be cheaper and smaller than the Model 3 and Model Y cars.
(This story has been revised to remove the New York date)
Reporting by Akash Sriram and Baranjot Kaur in Bengaluru; Additional reporting by Akanksha Khushi; Editing by Sriraj Kalluvila, Matthew Lewis, Howard Goller and Barbara Lewis
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