Tesla continues to ramp up production of its electric cars, but supply chain issues mean it’s delivering fewer cars than it makes — and below its delivery expectations.
Last year was a record year tesla 1,369,611 vehicles were produced, a 47% increase over 2021 production.
Nearly half a million (439,701) of these were made in the last three months of the year.
But despite the production record, there were still problems getting the cars to customers.
The electric automaker delivered 55,760 fewer cars than it produced.
Deliveries in the final quarter of the year were also lower than expected.Wall Street analysts had estimated 431,117 Tesla deliveries, but only 405,278 were actually delivered Three months spanning October to December.
The shortfall in deliveries can be attributed to logistical issues and slowing demand amid rising interest rates and recession fears.
Tesla pointed to ongoing COVID-19 and general supply chain challenges throughout the year.
The company said in a trading update that the company’s shift to a “more even mix of regional vehicle manufacturing” led to an increase in delivery vehicles at the end of the quarter.
Global demand for new cars has been slowing as central banks in Western countries raise interest rates to fight inflation and the world economy slows.
Tesla’s stock recently beaten and its CEO Elon Musk Sell about $7.6 billion (£6.38 billion) of his Tesla shares to fund his acquisition of Twitter.
international former richest man Having bought the social media platform for $44bn (£36.4bn) in late October, he has devoted much of his time to the business since then.
Tesla’s full-year results are due on January 25, which will provide a clearer picture of the company’s financial performance.