Tesla fell short of its target to increase deliveries of its electric cars last year as the electric car maker battled a share price slide, surging inflation and an economic slowdown in China.
In 2022, Tesla delivered 1.31m electric cars, missing founder Elon Musk’s declared aim of achieving 50pc year-on-year growth.
Vehicle deliveries grew roughly 40pc, while production increased by 47pc to 1.37m vehicles. The carmaker has ramped up production after opening new factories in Texas, Shanghai and Berlin.
In the three months ending in December, Tesla reported a record 405,000 car deliveries, compared to 308,000 the previous year.
Sales at the electric car company fell well short of analyst expectations on Wall Street, amid concerns that growth has stalled and Mr Musk has grown distracted by his $44bn purchase of social media company Twitter.
Analysts had expected Tesla to deliver closer to 420,000 cars during the three months ending in December. However, investors did not react to the news with shares in the company rising 1pc on Monday. The firm told investors in October it expected to come up short of Mr Musk’s target of 50pc growth.
Tesla had tried to lure buyers in the US with discounts of up to $7,500 in the last days of December, and had issued price cuts across China as consumer interest in its cars wanes amid competition from new rivals. Pandemic-enforced shutdowns at its factory in China over the summer also stalled sales in Asia for the carmaker.
Tesla’s sales are seen as a bellwether of electric car demand due to their popularity. The EV market has suffered increasing jitters as petrol prices fall and electricity costs rise.
Dan Ives, an analyst at Wedbush Securities, said the delivery numbers were “better than worst case fears” and a “relatively good performance in a tough backdrop”.
Mr Musk’s leadership at Tesla has been called into question after his takeover of Twitter. The billionaire has implemented a series of dramatic policy changes to improve free expression on the website, including rescinding bans on hundreds of previously blocked accounts.
However, his efforts have sparked protests from activist groups amid warnings over hate speech on the social network.
Tesla’s share price plunged in 2022: it lost approximately 72pc of its value and is now worth around $385bn. Mr Musk, who until recently held the title of world’s richest person, shed roughly $200bn from his personal wealth.
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