Tesla sees record setting production, deliveries in 4th quarter

Robert Besser
06 Jan 2023, 03:50 GMT+10

Although Tesla reported record production and deliveries of electric vehicles in the fourth-quarter of 2022, it missed Wall Street forecasts
This was due to logistics problems, slowing demand, rising interest rates and fears of recession
According to Refinitiv data, during the last three months of 2022 Tesla delivered 405,278 vehicles, compared with Wall Street predictions of 431,117 vehicles

AUSTIN, Texas: Tesla reported record production and deliveries of electric vehicles in the fourth-quarter of 2022, but due to logistics problems, slowing demand, rising interest rates and fears of recession, Tesla missed Wall Street forecasts.

According to Refinitiv data, during the last three months of 2022 Tesla delivered 405,278 vehicles, compared with Wall Street predictions of 431,117 vehicles. In the same period in 2021, the company had delivered 308,600 vehicles.

Tesla delivered 388,131 Model 3 compact sedans and Model Y sports utility vehicles, compared with 17,147 Model X and Model S luxury cars.

In the fourth quarter of 2022, Tesla manufactured 439,701 cars.

In October 2022, CEO Elon Musk said he was working to solve the logistics issues affecting the company, with its fourth quarter deliveries falling to some 34,000 vehicles short of production.

In the third quarter of last year, it delivered some 22,000 units fewer than it produced.

Tesla is also facing falling demand in the world's leading auto market, China, as well as competition from Ford Motor, General Motors and other major auto companies, along with startups, such as Rivian and Lucid.

Reuters reported that in January, Tesla plans to run a reduced production schedule at its Shanghai plant, extending the lowered output it began this month into next year.

"This was a disappointing delivery number and the bulls will not be happy," noted Wedbush Securities analyst Daniel Ives, as quoted by Reuters.