Tesla delivered a record number of vehicles last year, with sales increasing at rates that any other major automaker would envy. However, Tesla continued to disappoint Wall Street throughout 2022.
In 2022, the electric carmaker delivered 1.3 million vehicles, a 40% increase over 2021. It manufactured approximately 1.4 million vehicles, a 47 percent increase over the previous year.
However, Tesla delivered only 405,278 vehicles in the fourth quarter, considerably below the median projection of 431,000 vehicles as recession fears and rising loan rates slowed demand.
Although 40% growth is nothing to scoff at, Tesla’s growth rate is declining. Deliveries more than quadrupled in 2020 and nearly doubled in 2021.
As demand dropped, Tesla’s stock fell by 65 percent in 2022. Established manufacturers’ competition in electric automobiles increased last year. Throughout the year, the company missed its growth ambitions and reduced output in China.
Last month, the company launched an unusual deal to clear out inventory, indicating that automobile purchasers’ interest in Teslas was decreasing. Tesla provided two refunds to consumers who took possession of a vehicle before the end of the year, first offering a $3,750 discount and then doubling the incentive to $7,500 with two weeks remaining in 2022. The payouts terrified investors, driving the stock down 37% in December alone.
Tesla praised customers and workers for their assistance in enabling the business “achieve a great 2022 in light of severe Covid and supply chain related problems throughout the year,” according to a statement posted on Monday.
The company also expressed pride in its progress. “We continued to transition towards a more even regional mix of vehicle builds which again led to a further increase in cars in transit at the end of the quarter,” the statement read.