Tesla Inc (TSLA.O) reported record production and deliveries for fourth-quarter electric vehicles on Monday.
Still, burdened by logistics problems, slowing demand, rising interest rates, and fears of recession, it missed Wall Street estimates.
According to Refinitiv data, the world’s most crucial automaker delivered 405,278 vehicles in the last quarter of the year compared to Wall Street expectations of 431,117 cars.
The company had dispatched 308,600 vehicles in the same period in the previous year.
In comparison to 17,147 Model X and Model S luxury cars, Tesla sold 388,131 Model 3 compact sedans and Model Y sports utility vehicles or SUVs.
In total, in the fourth quarter, Tesla made 439,701 cars.
As logistical bottlenecks prevailed- an issue CEO Elon Musk had said he was working to resolve in October. As a result, Tesla’s last-quarter sales fell about 34,000 vehicles short of production.
The company’s deliveries were about 22,000 units in the third quarter, less than manufacturing.
Selling fewer cars than it makes has been rare for the automobile company, which gave more or similar numbers to the vehicles produced in previous quarters.
Analysts have cited demand defects in the world’s top auto market China, as well as brutal competition from legacy automakers like Ford Motor Co (F.N), General Motors Co (GM.N), and startups such as Rivian Automotive (RIVN.O), and Lucid Group (LCID.O), among other headwinds for Tesla.
Tesla intends to run a restricted production schedule at its Shanghai facility in January, extending the decreased output it started this month into next year, according to a Reuters story based on an examination of an internal timetable.
Tesla’s stock fell 65% in 2022, its worst year since going public in 2010, which did not make sales on Monday due to a New Year holiday. Analysts and retail shareholders were worried demand issues rising from an uncertain economy would nick the company’s target to grow sales by 50% yearly.
Wedbush Securities analyst Daniel Ives said, “This was a disappointing delivery number, and the bulls will not be happy.”
Tesla said in a separate statement that it plans to introduce its Investor Day on March 1 and live stream the event from its Gigafactory in Texas, when it will discuss long-term plans for development and capital allotment.
On Investor Day, the automaker also revealed a “generation 3” platform for its investors. In October, Musk claimed that Tesla was developing a “next-generation vehicle” that would be more affordable and compact than the Model 3 and Model Y vehicles.
- Published By Team Australia News