Tesla reports record quarterly deliveries but misses estimates

  • Rare for Tesla to deliver less than it produces
  • Tesla stock in 2022 had its worst year since its IPO

Jan 2 (Reuters) – Tesla Inc. (TSLA.O) Monday reported record fourth-quarter electric vehicle production and shipments but missed Wall Street estimates, dogged by logistical issues, 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, against Wall Street expectations of 431,117 vehicles, according to Refinitiv data.

The company had delivered 308,600 vehicles during the same period a year earlier.

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

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

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As logistical bottlenecks persisted — a problem CEO Elon Musk said in October he was working to resolve — Tesla’s fourth-quarter deliveries fell about 34,000 vehicles below the production.

In the third quarter, the company’s shipments were about 22,000 units lower than production.

Delivering fewer cars than it makes has been rare for the automaker, which in previous quarters has delivered more or the same number of vehicles produced.

Among other headwinds for Tesla, analysts cited weak demand in the world’s biggest auto market, China, as well as fierce competition from traditional automakers such as Ford Motor Co. (FN)General Motors Co. (GM.N) and startups such as Rivian Automotive (RIVN.O) and Lucid Group (LCID.O).

Tesla plans to run a reduced production schedule in January at its Shanghai factory, extending the reduced production it started this month into next year, according to a Reuters report, based on a review of an internal calendar.

Tesla’s stock, which did not trade on Monday due to the New Year holiday, fell 65% in 2022, its worst year since its IPO in 2010. Analysts and retail shareholders feared that demand issues resulting from an uncertain economy do not affect the company’s growth objective. 50% deliveries per year.

“It was a disappointing delivery number and the bulls won’t be happy,” said Wedbush Securities analyst Daniel Ives.

Tesla said in a separate statement that it plans to hold its Investor Day on March 1 and broadcast the event live from its Gigafactory in Texas when it discusses long-term expansion and allocation plans. capital.

The automaker also hinted at a “Gen 3” platform to show off its investors during Investor Day. Musk said in October that Tesla was working on a “next-generation vehicle” that will be cheaper and smaller than the Model 3 and Model Y cars.

(This story has been reclassified to remove the New York deadline)

Reporting by Akash Sriram and Baranjot Kaur in Bengaluru; Additional reporting by Akanksha Khushi; Editing by Sriraj Kalluvila, Matthew Lewis, Howard Goller and Barbara Lewis

Our standards: The Thomson Reuters Trust Principles.

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