Tesla falls short of 50% growth goal in 2022 amid Elon Musk’s Twitter distraction
San Francisco : Elon Musk-run Tesla has missed its target of 50 per cent growth in production and deliveries for 2022, as its stock plummeted around 65 per cent amid Musk’s $44 billion Twitter takeover last year.
The automaker needed to sell 495,760 vehicles in its fourth quarter (Q4) to have achieved the 50 per cent growth guidance. In the fourth quarter, Tesla produced over 439,000 vehicles and delivered over 405,000 vehicles.
In 2022, vehicle deliveries grew 40 per cent (year-on-year) to 1.31 million while production grew 47 per cent (on-year) to 1.37 million. Tesla’s Q4 deliveries, however, are up from 343,830 vehicles sold in the third quarter (Q3).
“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 company said in a statement late on Monday.
Investors fear that the China Covid situation and supply chain-related challenges will further impact Tesla sales. They are also concerned about Musk’s distraction by his Twitter overhaul. The Tesla CEO has become the first person ever to lose $200 billion from his net worth.
His wealth eroded further after he bought Twitter for a whopping $44 billion. Meanwhile, Tesla also announced a price drop in several of its models, offering a $7,500 discount for its Model 3 and Model Y vehicles, in a bid to sell more vehicles.