Tesla has missed its 2022 delivery target, according to a report from The Wall Street Journal. While the company saw deliveries rise by about 40% to 1.31 million vehicles this year, it initially planned to increase the figure by 50% to 1.4 million vehicle deliveries. Given the state of economies around the world, it is no surprise that demand for Tesla vehicles has declined.
B News for the mediaTesla didn’t allude to the fact that it missed its planned targets, but it did share a breakdown of the number of vehicles it produced and delivered in the fourth quarter of 2022 and all of 2022. Those figures are as follows:
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“In the fourth quarter, we produced over 439,000 vehicles and delivered over 405,000 vehicles. In 2022, vehicle deliveries increased 40% year-over-year to 1.31 million, while production increased 47% year-over-year to 1.37 million,” the statement said of the company. “We continued to shift toward a more even regional mix of vehicle construction, which again led to a further increase in the number of cars in transit at the end of the quarter. Thank you to all our customers, employees, suppliers, shareholders and supporters for helping us achieve a great 2022 in light of significant challenges related to COVID and the supply chain. During the year.
Tesla’s stock price has fallen dramatically since a peak of around $414 in November 2021. It is now down 70%, trading at $123 per share. Although this is a sharp decline, there is still potential for further decline. There are two main problems with Tesla’s stock price, firstly, it has only been trading since 2010 so it has only experienced a low interest rate environment where money is cheap. Second, the stock is very much a hype stock, so its price has been driven by strong demand. Although fundamentals such as earnings have improved recently, they do not necessarily justify the price the stock reached in 2021.
With Tesla CEO Elon Musk now alienating large swaths of people on Twitter, it will be interesting to see if he does any long-term damage to his other companies, such as Tesla. Several people have said they won’t associate with Tesla now, but it remains to be seen whether that’s just a vocal minority or A group large enough to cause financial damage to society.
source: Tesla Through The Wall Street Journal