As of Sunday, Tesla has announced the delivery of 405,278 automobiles throughout the last three months of 2022. Despite a record number of deliveries, the manufacturer fell short of Wall Street’s projections of between 420,000 and 425,000 vehicles.
The electric car manufacturer recorded a quarterly production rate of 439,701 units. The result is 1.31 million vehicles delivered annually and 1.37 million vehicles manufactured in 2022 for Tesla.
Despite a 40% year-over-year increase in deliveries, Tesla fell short of its own annual projection of a 50% increase in both production and deliveries. In order to meet that target, the carmaker needed to sell 495,760 automobiles in the fourth quarter.
The number of Tesla cars delivered in the fourth quarter increased from the previous quarter’s 344,830. As the quarter came to a close, Tesla may have benefited from the automaker’s last-minute discounts. Possibly in anticipation of the EV tax credits included in the Inflation Reduction Act, which would provide Tesla buyers with rebates of up to$7,500, Tesla reduced the price of its Model 3 and Model Y vehicles delivered in the United States in December by $3,250 in early December and by $7,500 last week.
The impact on Tesla’s profits of the price cuts it offered in Mexico and China during the previous quarter remains unknown.
Tesla has said that production at its two new plants, Austin and Berlin, had ramped up in recent months, but the report does not give statistics by area. Manufacturing at the company’s Fremont facility has been increased, while output in Shanghai has recovered after being stymied by COVID-19 control measures.
Investors worry that if COVID-19 spreads widely in China, Tesla sales would suffer as a result. Many others are concerned, too, about CEO Elon Musk and his distracting antics and redesign of Twitter.
Shares of the business, which have fallen 65% since January, rose 1.12% today despite the delivery data.
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