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Even as Tesla had great results in production and deliveries in 2022, the company missed analysts’ expectations in its Q4 numbers.
Many companies, including EV giant Tesla Inc (NASDAQ: TSLA), have released reports on their 2022 performance, showing remarkable feats and losses. The electric vehicle maker recently provided the details of its production in the fourth quarter and deliveries for the recently-concluded year. According to the company, the total deliveries in Q4 2022 were 405,278 vehicles, while the total production during the same quarter was 439,701. Specifically, Tesla said deliveries of its entry-level Model 3 sedan and Model Y crossover in the fourth quarter of 2022 was 388,131. On the other hand, its higher-end Model S sedan and Model X SUV deliveries amounted to 17,147.
Tesla Reports 2022 Production and Deliveries
In addition, Tesla said its total deliveries in the whole of 2022 was 1.31 million, representing a 40% growth in deliveries YoY. The annual deliveries figure also set a new record for the automotive company. Tesla added that its annual production popped 47% to 1.37 million.
Indeed, the company emerged victorious despite the pandemic and supply chain-related challenges that impacted the economy last year. Tesla noted:
“We continued to transition towards a more even more regional mix of vehicle builds which again led to a further increase in cars in transit at the end of the quarter.”
Even as Tesla had great results in production and deliveries in 2022, the company missed analysts’ expectations in its Q4 numbers. The consensus of analysts’ estimates compiled by FactSet revealed that as of December 31st, 2022, Wall Street expected about 427,000 deliveries from Tesla for the last quarter. A separate updated estimate placed the market expectations between 409,000 and 433,000 deliveries. The latest estimates tally with the consensus compiled by Tesla itself and distributed by Tesla investor relation Vice President Martin Viecha.
Also, Tesla kicked off production at two new factories in 2022, located in Austin, Texas and Brandenburg, Germany. The company further ramped up vehicle production in its Shanghai factory and Fremont, California. Tesla had to suspend operations and reduce production at its Shanghai factory due to COVID outbreaks in China. And during Q4, it announced price cuts and other promotions in the US, China, and elsewhere to spark consumers’ demand. Tesla saw its stock decline significantly in 2022, and recent data shows that the company lost 69.20% in the last 12 months. While the EV maker’s stock has not gained a point since the year started a few days ago, it also shed more than 49% in the last three months. TSLA fell 32.49% over the past month and currently traded up 0.24% to $123.48.