Tesla with Disappointing Sales for 2022

Business | January 3, 2023, Tuesday // 10:48|  views


Tesla said it delivered 1.31 million electric vehicles in 2022, a record for the U.S. automaker and a 40 percent jump from a year earlier, but still below its own and Wall Street expectations.

The Elon Musk-led company has set a long-term goal of increasing its shipments by an average of 50 percent annually.

Tesla has regularly said the target could vary depending on operations, and in its statement on Monday noted that "significant challenges related to Covid and the supply chain" had affected its 2022 production.

Last year, production at its Shanghai factory was halted for several weeks due to Covid restrictions.

In October, the company's chief financial officer, Zach Kirkhorn, said that Tesla may not meet its goal.

Analysts had hoped for better results -- they had forecast deliveries of 427,000 vehicles in the fourth quarter, according to estimates compiled by FactSet -- but the company only managed to deliver 405,000.

To boost sluggish sales, Tesla has offered rare promotions to customers looking to get a new car before the end of 2022.

In a company-wide email sent to employees last week and seen by CNBC, Musk asked them to "voluntarily help deliver" as many cars as possible to customers before midnight on Dec. 31.

Industry watchers fear that demand for Tesla's relatively expensive electric cars could bottom out amid global economic uncertainty and stronger competition in the sector.

They are also troubled by Musk's current focus on the social media operation Twitter, which he acquired last year.

After Tesla shares soared on Wall Street in 2020 and 2021, they fell 65% in 2022.

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Tags: Tesla, sales, cars, Musk


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