Tesla said on Monday that it sold a record-breaking 1.3 million cars in 2022.
However, this figure fell short of CEO Elon Musk’s promise to increase the company’s sales by 50% annually.
The number of vehicles supplied in 2022 broke the previous record of 936,000 in 2021, although it fell short of the 1.4 million required to meet the company’s 50% growth target.
Sales increased by 40% compared to last year, and 1.37 million more units were produced.
The shortfall occurred despite a significant year-end sales drive that featured unusual $7,500 discounts in the US on the company’s best-selling Models Y and 3.
The production of Tesla Inc.’s Shanghai factory was impacted by the new coronavirus’s increasing prevalence in China. Tesla Inc. is situated in Austin, Texas.
Tesla delivered more than 405,000 vehicles globally in the fourth quarter thanks to the additional U.S. push.
But it fell short of Wall Street’s expectations. FactSet, a data company, surveyed analysts who predicted 1.33 million deliveries for the entire year and 427,000 deliveries from October through December.
The electric car and solar panel firm said on Monday, “Thank you to all of our customers, staff, suppliers, shareholders, and supporters that helped us achieve a successful 2022 in light of substantial COVID and supply chain-related problems during the year.”
While Tesla didn’t release any new models in 2018, it is now up against established manufacturers and up-and-coming startups like Lucid and Rivian, constantly releasing new electric vehicles.
But Musk has vowed that the long-awaited Cybertruck electric pickup will begin production this year.
The business has recently started shipping its electric semis.
Discounts were given over the final two weeks of the year, prompting speculation about whether or not a demand for Tesla products was waning due to the Federal Reserve raising interest rates to fight inflation.
That, along with Musk’s actions following his $44 billion acquisition of Twitter, contributed to a more than 65% decline in Tesla stock last year, knocking Musk down Forbes’ list of the world’s richest people.
The company’s shares dropped by their worst amount for the year, surpassing the 19.4% decrease in the S&P 500.
The company’s long-term fundamentals are solid, Musk remarked on Twitter on December 30.
However, “short-term market lunacy” is unpredictable.
Investors are concerned that Musk’s attention has been diverted from the auto industry by Twitter.
Musk stated last month that he intends to continue leading Twitter until he can locate a successor.