Tesla reported Monday that it delivered 405,278 vehicles in the fourth quarter of 2022. While the automaker hit a record number of deliveries, it fell short of Wall Street’s expectations of about 420,000 to 425,000 units delivered.
The electric vehicle company also reported total production of 439,701 vehicles in the fourth quarter. This brings Tesla’s total annual shipments to 1.31 million and total production in 2022 to 1.37 million.
While Tesla had an impressive 40% growth in shipments, the company also missed its own full-year outlook, which predicted 50% growth in production and shipments for the year. The automaker had to sell 495,760 vehicles in the fourth quarter to meet that guideline.
Tesla’s deliveries in the fourth quarter are higher than the 343,830 vehicles sold in the third quarter. The automaker’s last-minute discounts could have boosted Tesla by the end of the quarter. Partly in response to the Inflation Reduction Act’s EV tax credits, which would offer Tesla buyers discounts of up to $7,500, Tesla slashed $3,250 in early December and last week $7,500 off the price of Model 3 and Model Ys that went on sale in December. USA were delivered.
Tesla also discounted in Mexico and China last quarter, and it’s not yet clear how those price cuts would have affected the automaker’s margins.
Tesla’s production and supply report does not disclose figures by region, but Tesla has said production at its two new plants, Austin and Berlin, has ramped up in recent months. The company has also ramped up production at its Fremont and Shanghai factory, which has been recovering from production delays due to COVID-19 containment measures.
Some investors fear China’s now lack of COVID-19 control measures will also affect Tesla sales in the event of widespread disease. Many are also concerned about CEO Elon Musk’s antics and distractions from his review of Twitter.
The company’s share price is down 65% since January. The stock market is closed today, so we’ll see tomorrow how the delivery news has affected the stock price, if at all.
This article has been updated to clarify that the exchange is closed on Mondays.