Tesla delivered 405,278 vehicles in the fourth quarter, missing Wall Street expectations • Zoo House News
Tesla on Monday reported 405,278 vehicles delivered in the fourth quarter of 2022. While the automaker delivered a record number of deliveries, it fell short of Wall Street expectations of around 420,000 to 425,000 units delivered.
The electric vehicle company also reported total production of 439,701 vehicles in the fourth quarter. This brings Tesla’s total annual deliveries to 1.31 million and total production in 2022 to 1.37 million.
While Tesla had an impressive 40% growth in deliveries, the company also missed its own guidance for the year, which called for 50% growth in production and deliveries for the year. The automaker needed to sell 495,760 vehicles in the fourth quarter to meet that guidance.
Tesla’s Q4 deliveries are up from 343,830 vehicles sold in the third quarter. The automaker’s last-minute rebates may have given Tesla a boost late in the quarter. Partly in response to the Inflation Reduction Act EV tax credits, which would give Tesla buyers rebates of up to $7,500, Tesla dropped $3,250 in early December and $7,500 last week off the price of the Model 3 and Model Ys that shipped in the US in December lowered.
Tesla also offered rebates in Mexico and China last quarter, and it’s not yet clear how those price declines would have impacted the automaker’s margins.
Tesla’s production and shipments report doesn’t reveal figures by region, but Tesla has said that production at its two new factories, Austin and Berlin, has ramped up in recent months. The company has also ramped up production at its Fremont and Shanghai plants, which have recovered from production delays due to COVID-19 control measures.
Some investors worry that the now-lack of COVID-19 control measures in China, should the disease become widespread, will also hurt Tesla sales. Many are also concerned about CEO Elon Musk’s antics and the distraction from his overhaul of Twitter.
The company’s stock price is down 65% since January. The stock market is closed today so we’ll see tomorrow how the delivery news has affected the stock price, if at all.
This article has been updated to clarify that the exchange is closed on Monday.