© Reuters. A view shows the Tesla logo on the hood of a car in Oslo, Norway November 10, 2022. REUTERS/Victoria Klesty
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By Akash Sriram and Baranjot Kaur
NEW YORK (Reuters) -Tesla Inc on Monday reported record production and deliveries for fourth-quarter electric vehicles, but it missed Wall Street estimates, under the burden of logistics problems, slowing demand, rising interest rates and fears of recession.
The world’s most valuable automaker delivered 405,278 vehicles in the last three months of the year, compared with Wall Street expectations of 431,117 vehicles, according to Refinitiv data.
The company had delivered 308,600 vehicles in the same period a year earlier.
Tesla (NASDAQ:TSLA) delivered 388,131 Model 3 compact sedans and Model Y sports utility vehicles (SUVs) compared with 17,147 Model X and Model S luxury cars.
In total, Tesla made 439,701 cars in the fourth quarter.
As logistical bottlenecks persisted, which CEO Elon Musk had said in October he was working to resolve, Tesla’s fourth quarter deliveries fell about 34,000 vehicles short of production.
In the third quarter, the company deliveries were about 22,000 units less than production.
Delivering fewer cars than it makes has been rare for the automaker, which in previous quarters delivered more or similar numbers to the vehicles produced.
Among other headwinds for Tesla, analysts have cited demand weakness in the world’s top auto market China, as well as stiff competition from legacy automakers such as Ford Motor (NYSE:F) Co, General Motors Co (NYSE:GM) and startups such as Rivian Automotive and Lucid Group.
Tesla plans to run a reduced production schedule in January at its Shanghai plant, extending the lowered output it began this month into next year, according to a Reuters report, based on a review of an internal schedule.
Tesla’s stock, which did not trade on Monday due to a New Year holiday, fell 65% in 2022, marking its worst year since going public in 2010. Analysts and retail shareholders feared demand issues stemming from an uncertain economy would dent the company’s target to grow deliveries by 50% annually.
“This was a disappointing delivery number and the bulls will not be happy. Given the backdrop this was better than worse case Street fears but bulls are not popping the champagne. Lot of bad news baked in the stock but a miss is a miss,” said Wedbush Securities analyst Daniel Ives.
Source: Investing.com
