Tesla posts record sales but falls short of goals
Tesla said on Monday it sold a record 1.3 million cars last year, but that number fell short of CEO Elon Musk’s pledge to increase the company’s sales by 50% almost every year.
The 2022 figure topped the previous record of 936,000 delivered in 2021, but fell short of the 1.4 million needed to reach the company’s 50% growth target. Sales were up 40% year-on-year and production was his 1.37 million units, up 47%.
Shortages Occurred Despite Massive End-of-Year Sales Push Including Scarce Items $7,500 discount In the United States, it is sold in the company’s top-selling models, Model Y and Model 3.
The Austin, Texas-based Tesla company also had to deal with the rising number of cases in the novel coronavirus in chinastarted production at the Shanghai factory.
Further push from the US saw Tesla deliver over 405,000 vehicles worldwide in the fourth quarter. But it missed Wall Street predictions. Analysts surveyed by data provider FactSet expected 427,000 deliveries between October and December and 1.33 million for the full year.
“Great 2022”
The electric vehicle and solar panel company said on Monday, “In light of the significant challenges related to COVID and supply chains, we would like to thank all our customers, employees and suppliers who have helped make 2022 a great year. , shareholders and supporters.”
Although Tesla didn’t introduce any new models last year, it faces increasing competition from established automakers and start-ups such as Lucid and Rivian, which are continually introducing new electric vehicles.
But Musk has promised to start production of its long-awaited Cybertruck electric pickup this year. The company also started delivering electrical semi-finished products.
The discounts offered in the last two weeks of the year have raised questions about whether demand for Tesla products is weakening as the Federal Reserve hikes interest rates to fight inflation.
This, combined with Musk’s actions after buying Twitter for $44 billion, saw Tesla’s stock price drop more than 65% last year, pushing Musk out of the top spot as the world’s richest person, according to Forbes. I was.
The company’s share price plunge this year was the worst ever, more than triple the S&P 500’s 19.4% decline.
Musk wrote on Twitter on Dec. 30 that the company’s long-term fundamentals are strong, but “short-term market madness” is unpredictable.
Some investors worry that Twitter has distracted Musk from the car company.Musk said last month he would stay on as Twitter CEO until someone was found. happy to exchange him at work.