Tesla delivered a record 13 million vehicles in 2022 but

Tesla delivered a record 1.3 million vehicles in 2022 but still disappointed Wall Street

New York CNN —

Tesla delivered a record number of cars last year while sales continued to grow by percentages any other major automaker would dream of. Still, Tesla managed to disappoint Wall Street in 2022 — and last quarter was no different.

The electric carmaker delivered 1.3 million vehicles in 2022, up 40% from 2021. It produced nearly 1.4 million vehicles, up 47% year over year.

But the fourth quarter was staggering: Tesla delivered just 405,278 vehicles, well below the median estimate of 431,000, according to analysts polled by Refinitiv, as recession fears and higher interest rates caused demand to slow.

While 40% growth is nothing to scoff at, Tesla’s pace of growth is slowing. Deliveries nearly doubled in 2021 and more than quadrupled in 2020.

Tesla (TSLA) shares plunged 65% in 2022 as demand slacked. The competition for electric vehicles from established car manufacturers has increased significantly in the past year. The company missed growth targets for the year and scaled back production in China.

Evidence of car buyers’ waning interest in Teslas emerged last month after the company announced a rare sale to clear inventory. Tesla offered two rebates for buyers who take delivery of a vehicle before the end of the year, first a $3,750 rebate and then the $7,500 rebate with two weeks left in 2022.

Investors were unsettled by the discounts, sending the stock down 37% in December alone.

Tesla thanked customers and employees for helping the company achieve “a great 2022 amid significant Covid-related and supply chain challenges throughout the year,” according to a statement released Monday.

The company also said it is proud of its growth and progress.

“We continued the transition to a more even regional mix of vehicle designs, which in turn led to a further increase in cars in transit at the end of the quarter,” the statement said.

Tesla said it has shipped 1.25 million of its lower-priced Model 3 and Model Y electric cars and nearly 67,000 of its higher-end Model X and Model X lines.