Tesla announced 405,278 vehicles delivered in the fourth quarter of 2022 on Monday. While the automaker set a new record for deliveries, it fell short of Wall Street’s projections of 420,000 to 425,000 vehicles delivered.
In addition, the electric car manufacturer reported overall fourth-quarter output of 439,701 units. This puts Tesla’s total annual deliveries at 1.31 million and total production at 1.37 million in 2022.
While Tesla saw an astounding 40% increase in deliveries, the firm also fell short of its own projection for the year, which called for a 50% increase in production and deliveries. To meet that target, the carmaker needed to sell 495,760 vehicles in the fourth quarter.
Tesla’s fourth-quarter deliveries are up from the third-quarter total of 343,830 vehicles shipped. Tesla’s last-minute reductions may have given the company a boost near the conclusion of the quarter. Partly in response to the Inflation Reduction Act’s EV tax credits, which would provide Tesla owners with rebates of up to $7,500, Tesla reduced the price of Model 3 and Model Ys delivered in the United States in December by $3,250 in early December and $7,500 last week.
Tesla also offered reductions in Mexico and China last quarter, though it’s unclear how much price cuts would have affected the automaker’s margins.
Although Tesla’s production and delivery report does not break down numbers by region, the company has stated that production at its two new factories in Austin and Berlin has increased in recent months. The company has also increased production at its Fremont plant and in Shanghai, which has recovered from production delays caused by COVID-19 control measures.
Some investors are concerned that the absence of COVID-19 control measures in China will have an impact on Tesla sales in the case of widespread illness. Many people are also concerned about CEO Elon Musk’s antics on Twitter, as well as his revamp of the social media platform.