Tesla, a manufacturer of electric automobiles, reported shipping a record 1.3 million cars in 2018, an increase of 40% from 2021.
Following more than 405,000 automobiles delivered by the corporation in the final three months of 2022, this happened.
However, this number fell short of Wall Street’s projections, which called for a delivery of around 430,000 vehicles within the time frame.
The auto sector is anticipated to experience a downturn in demand this year as prospective customers worry about rising interest rates and recessionary concerns.
In a statement to investors, Tesla said it had to deal with “COVID supply chain-related challenges throughout the year.”
Authorities in South Korea announced on Tuesday that they would fine Tesla $2.2 million for failing to inform customers that the range of its electric vehicles is reduced in chilly conditions.
The company exaggerated “the driving ranges of its automobiles on a single charge, the fuel cost-effectiveness of compared to gasoline vehicles as well as the performance of its superchargers,” according to the Korea Fair Trade Commission.
About 34,000 fewer Tesla vehicles were delivered in the fourth quarter, illustrating the company’s logistical challenges.
Having previously been able to deliver almost the same number of vehicles it produced, Tesla is not used to production limitations.
Elon Musk, the CEO of Tesla, also stated that a fix was being developed in October.
Tesla has the same challenge as other automakers in the upcoming year: a potential slowdown in vehicle demand as consumers deal with higher borrowing costs and worries about an economic recession.
Traditional automotive behemoths like Ford and General Motors, as well as upstarts like Rivian and Lucid in the United States and BYD and Niu in China, compete with Tesla.
On January 25, the business is expected to release its financial results for the final three months of 2022 and the whole year.
In a second release, Tesla said that it would host Investor Day on March 1 and stream the event live from the Texas Gigafactory.
The most cutting-edge product line will be on display, and our leadership team will be available to answer questions about our long-term expansion goals, 3G platform, capital allocation, and other issues, the business added.
Tesla stock experienced its worst year since coming public in 2010 when it lost 65 percent of its value due to investor apprehension over manufacturing hiccups, sluggish demand, and Musk’s attention to Twitter.
Mask purchased Twitter at the end of October for $ 44 billion, and he has since devoted the majority of his attention to enhancing the functionality of the social networking site.