Tesla Missed Wall Street’s Q4 Production Estimates

On Monday, Tesla announced its Q4 electric vehicle (EV) production and deliveries that missed Wall Street’s projections.

The latest data is attributed to the burden caused by logistic woes, decelerating demand, soaring interest rates, and recession concerns.

In the fourth quarter of 2022, the world’s most valuable automaker delivered 405,278 units. It is lower than the analysts’ consensus of 431,117. Meanwhile, the new record is higher than the 308,600 vehicles it delivered in the same period a year earlier.

Based on the latest statistics, Tesla dispatched 388,131 Model 3 compact sedans and Model Y SUVs. It is better than the deliveries of 17,147 Model X and Model S. In total, the company made 439,701 cars in Q4 2022.

CEO Elon Musk said the firm’s recent deliveries plummeted by around 34,000 units short of output amid persisting logistical bottlenecks. In the third quarter, the EV maker handed over 22,000 units fewer than production.

An analyst stated that the firm’s recent record of delivering fewer vehicles than it makes was rare. In comparison, it dispatched more or similar numbers to the units it produced in the previous quarters.

For the full-year 2022, the stock price of Tesla plunged by 65.00%, its worst year since going public in 2010.

South Korea fines Tesla by $2M

South Korea’s antitrust regulators announced imposing a ₩2.85 billion or $2.20 million fine on Tesla.

The decision was made as the company failed to tell its customers about the shorter driving range of its EV units in low temperatures.

Besides, the Korea Fair Trade Commission stated that the Texas-based firm exaggerated the driving ranges of its vehicles on a single charge.

Also, the agency accused Tesla of lying about its fuel cost-effectiveness compared to gasoline-operated cars, as well as the performance of its Superchargers.

These false statements were written on the company’s official website from August 2019 until recently.