Science

Tesla announces disappointing 2022 deliveries

Tesla announced on Monday that it has delivered 1.31 million electric vehicles in 2022, a record and a 40% jump for the year, but remains below its own projections and Wall Street’s expectations.

Elon Musk’s company has set a long-term goal of increasing shipments by an average of 50% per year. He regularly points out that this target can fluctuate depending on his operations, and in his press release on Monday, he highlights the impact of Covid, which has led to the closure of his factory in China for several weeks, as well as the problems associated with his supply chains. . In October, the CFO also warned that Tesla might miss its goal this year.

Analysts, however, were expecting more: they expected 427,000 vehicles to be delivered in the fourth quarter, according to estimates compiled by FactSet – the group delivered 405,000 vehicles. To increase sales, Tesla offered unusual promotions to customers who agreed to purchase a new car before the end of December. In an email sent to employees last week and viewed by CNBC, Elon Musk also asked them to volunteer to deliver as many vehicles as possible before the end of 2022.

Some observers are wary of a possible slowdown in demand for the manufacturer’s rather expensive vehicles amid economic uncertainty as other manufacturers offer more and more competing models. They are also concerned that Elon Musk is focusing on his new Twitter business and not Tesla.

After skyrocketing in 2020 and 2021, the automaker’s shares are down 65% in 2022.

Elon Musk’s company has set a long-term goal of increasing shipments by an average of 50% per year. He regularly points out that this target can fluctuate depending on his operations, and in his press release on Monday, he highlights the impact of Covid, which has led to the closure of his factory in China for several weeks, as well as the problems associated with his supply chains. . In October, the CFO also warned that Tesla might miss its target this year, but analysts were expecting more: They expected 427,000 vehicles to be delivered in the fourth quarter, according to estimates compiled by FactSet – the group delivered 405,000 vehicles. To increase sales, Tesla offered unusual promotions to customers who agreed to purchase a new car before the end of December. In an email sent to employees last week and seen by CNBC, Elon Musk also asked them to volunteer to deliver as many cars as possible before the end of 2022. Some observers fear a possible slowdown in demand for relatively expensive cars from the manufacturer. at a time when the economic situation is uncertain and when other manufacturers offer more and more competing models. They are also concerned that Elon Musk is focusing on his new Twitter business rather than Tesla: after taking off in 2020 and 2021, the automaker’s shares are down 65% in 2022.

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