Disappointing deliveries in 2022 for Tesla

Disappointing deliveries in 2022 for Tesla

Tesla announced Monday that it shipped 1.31 million electric vehicles in 2022, a record high and a 40% year-over-year increase, but falling short of its own forecast and Wall Street expectations.

Elon Musk’s company has a long-term goal of growing its shipments by an average of 50% per year.

It regularly states that this target can vary depending on the operation, and in its press release on Monday it highlights the impact of COVID, which has led to several weeks of closure of its factory in China and the problems related to its supply chains.

In October, the CFO also warned that Tesla might not meet its target this year.

However, analysts expected more: According to FactSet estimates, they expected 427,000 vehicles to be delivered in the fourth quarter – the group delivered 405,000.

To boost sales, Tesla had offered unusual promotions to customers who agreed to own a new car before the end of December.

In an email sent to employees last week and viewed by CNBC, Elon Musk also asked them to volunteer to deliver as many cars as possible before the end of 2022.

Some observers fear a possible weakening of demand for the manufacturer’s rather expensive cars at a time when the economic environment is uncertain and other manufacturers are offering more and more competing models.

They are also concerned that Elon Musk is focusing on his new business, Twitter, rather than Tesla.

After soaring in 2020 and 2021, the automaker’s stock plummeted 65% in 2022.