Tesla has released its delivery figures for 2022, revealing that it delivered a record 1.3 million electric vehicles (EVs) during the year. This marks a significant increase from the previous year, with deliveries up 40% from 2021. The production also saw an increase, with nearly 1.4 million vehicles produced, a 47% increase from the previous year.
While the overall figures for the year are impressive, the fourth quarter saw Tesla fall short of Wall Street expectations.
The company delivered only 405,278 vehicles in the final quarter of the year, well below the median estimate of 431,000 according to analysts polled by Refinitiv. This can be attributed to a slowdown in demand due to recession fears and higher interest rates.
Despite this, Tesla’s growth rate is still impressive, with deliveries nearly doubling in 2021 and more than quadrupling in 2020. However, the pace of growth does appear to be slowing. In addition to underperforming in terms of deliveries, Tesla’s stock price also took a hit in 2022, falling 65% as demand weakened and competition in the EV market increased. Established automakers made significant strides in the EV space last year, leading to increased competition for Tesla.
In an effort to boost sales, Tesla made the unusual move of offering two rebates for buyers taking delivery of a vehicle before the end of the year. The company initially offered a $3,750 discount, and then doubled the rebate to $7,500 with just two weeks left in 2022. This rare sale was seen as a move to clear out inventory, but it also served to further rattle investors, with the stock plunging 37% in December alone.
Despite these challenges, Tesla released a statement thanking customers and employees for helping the company “achieve a great 2022 in light of significant Covid and supply chain related challenges throughout the year.” The company also stated that it was proud of its growth and progress, and highlighted its efforts to transition towards a more evenly distributed regional mix of vehicle builds. In 2022, Tesla delivered 1.25 million of its less expensive Model 3 and Model Y EVs, as well as nearly 67,000 of its higher-end Model X and Model S lines.