Elon Musk-run Tesla has fallen short of its goal of a 50 percent increase in production and delivery by 2022, while the company’s stock has fallen almost 65 percent since Musk’s $44 billion Twitter acquisition last year.
The carmaker needs to sell 495,760 vehicles in the fourth quarter (Q4) to meet its 50% growth forecast. During the fourth quarter, Tesla manufactured and delivered over 405,000 automobiles.
In 2022, vehicle deliveries increased by 40% year-over-year to 1.31 million, while manufacturing increased by 47% to 1.37 million.
However, Tesla’s Q4 deliveries are up from the 343 830 units sold in the previous quarter (Q3).
“We continued to transition toward a more even regional mix of vehicle builds, which again led to an increase of cars in transit at the end of the quarter,” the company said in a statement issued late on Monday.
Investors are concerned that the China Covid crisis and supply chain-related issues may adversely affect Tesla sales further.
They are also concerned that Musk’s Twitter redesign may distract him.
The CEO of Tesla is the first person in history to lose $200 billion in net worth. After purchasing Twitter for an exorbitant $44 billion, his fortune decreased further.
In an effort to sell more automobiles, Tesla also announced price cuts for several of its models, including a $7,500 discount on its Model 3 and Model Y vehicles.
