NEWS

Tesla reports record quarterly deliveries but misses estimates

  • Tesla rarely underperforms
  • 2022 was the worst year for Tesla stock since going public

2 Jan (Reuters) – Tesla (TSLA.O) said on Thursday it posted record fourth-quarter electric vehicle production and deliveries, but logistical problems, slowing demand and interest rates have pushed it further. rose, weighed down by recession fears, and fell short of expectations on Wall Street.

According to Refinitiv data, the world’s most valuable automaker delivered 405,278 vehicles in the last three months of the year, compared to Wall Street’s forecast of 431,117.

The company delivered 308,600 vehicles in the same period last year.

Tesla delivered 388,131 Model 3 compact sedans and Model Y sport utility vehicles (SUVs), and 17,147 luxury Model X and Model S vehicles.

In total, Tesla built 439,701 cars in the fourth quarter.

Reuters Graphics

Amid ongoing logistical bottlenecks, Tesla delivered about 34,000 fewer vehicles than it produced in the fourth quarter, a problem CEO Elon Musk said he was working to resolve in October.

In the third quarter, the company shipped about 22,000 fewer units than it produced.

It is unusual for automakers to deliver fewer cars than they produce, and in past quarters they delivered as many or as many cars as they produced.

Among other headwinds for Tesla, analysts said weak demand in China, the world’s largest auto market, and a decline in traditional automakers such as Ford Motor (FN) and General Motors (GM.N). and fierce competition from start-ups such as Rivian Automotive. (RIVN.O) and Lucid Group (LCID.O).

According to a Reuters report, based on an internal schedule review, Tesla plans to implement a reduced production schedule at its Shanghai factory in January, extending production cuts that began this month through next year.

Tesla’s stock, which didn’t trade Monday due to the holiday season, is down 65% in 2022, its worst year since its 2010 public offering. Analysts and retail shareholders feared demand problems stemming from an uncertain economy would affect the company’s growth targets. 50% annual delivery.

“This is a disappointing delivery number that the bulls will not be satisfied with,” said Daniel Ives, an analyst at Wedbush Securities.

In a separate statement, Tesla said it plans to hold an Investor Day on March 1 and live stream the event from its Gigafactory in Texas to discuss long-term plans for expansion and capital allocation.

The automaker also hinted at a “third generation” platform to showcase investors on Investor Day. Musk said in October that Tesla was working on a “next-generation car” that would be cheaper and smaller than the Model 3 and Model Y.

(This article has been resubmitted to remove the New York International Date Line)

Reported by Akash Sriram and Baranjot Kaur of Bengaluru. Additional reporting by Akanksha Khushi. Edited by Sriraj Kalluvila, Matthew Lewis, Howard Goller, Barbara Lewis

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