Tesla delivered just over 1.3 million vehicles in 2022, falling short of its goal of achieving 50 percent annual growth. The company needed to hit about 1.4 million deliveries to meet its goal, indicating transportation and logistics challenges continue to plague the EV company
Tesla said it delivered 405,278 vehicles in the fourth quarter of 2022, including 17,147 Model S and X vehicles and 388,131 Model 3 and Y vehicles. Wall Street analysts had been predicting 415,000 vehicles delivered during the quarter. For the year, the company delivered 66,705 Model S and X vehicles and 1,247,146 Model 3 and Y vehicles.
Analysts were hoping for a strong 1.8 million vehicles delivered for the year, but Tesla needed just 1.4 million by 2022 to meet its target of 50 percent growth for the year. And while it just missed that mark, it was another record quarter of deliveries for the EV maker, which has faced a number of challenges this year, many of which have nothing to do with Elon Musk buying Twitter.
“We continued the transition to a more even regional mix of vehicle builds, which again led to a further increase in the number of cars in transit at the end of the quarter,” the company said in a statement. “Thank you to all of our customers, employees, suppliers, shareholders and supporters who helped us achieve a great 2022 in the face of significant COVID and supply chain related challenges throughout the year.”
It was a year of unique struggles for Tesla, including declining demand, an aging lineup and increased competition from older automakers. Musk’s purchase of Twitter subsequently led to a sharp drop in Tesla’s share price, which plummeted by as much as 65 percent over the course of the year. The defeat scraped billions from Musk’s net worth, giving him the unfortunate title of being the first person to lose $200 billion. according to Bloomberg.