World News

Tesla Ships 1.3 Million Vehicles, A Record In 2022

Tesla, an electric car manufacturer, claims it delivered a record 1.3 million units in 2018, a 40% increase from 2021.

It follows the company’s more than 405,000 car deliveries in the final three months of 2022.

That number, however, fell short of Wall Street predictions of 430,000 deliveries for the time period.

The demand for automobiles is anticipated to decline this year as potential purchasers fret over the recession and rising loan rates.

Tesla claimed it faced “severe Covid and supply chain related problems throughout the year” in a statement to investors.

Authorities in South Korea announced on Tuesday that they would punish Tesla $2.2 million (£1.8 million) for failing to inform its consumers about the reduced driving range of its electric vehicles in cold weather.

The firm allegedly overstated the “driving ranges of its automobiles on a single charge, their fuel cost-effectiveness compared to gasoline vehicles, as well as the performance of its Superchargers,” according to the Korea Fair Trade Commission.

A BBC request for comment received no immediate response from Tesla.

Deliveries in the final quarter of the year were almost 34,000 below what Tesla produced, highlighting the logistical challenges the most valuable automaker in the world is facing.

Given that it has previously been able to deliver nearly as many cars as it produced, the shortage is uncommon for Tesla.

In October chief executive Elon Musk said he was working to resolve the issue.

Like other car makers, in the year ahead Tesla faces the challenge of the potential of slowing demand for vehicles as customers deal with rising borrowing costs & concerns about an economic slowdown.

Tesla also faces competition from traditional motor manufacturing giants such as Ford & General Motors, as well as newer entrants to the market like Rivian & Lucid in the US and China’s BYD & Nio.

On January 25, 2022, the business is expected to release its financial results for the final three months of 2022 and the entire year.

In a separate release, Tesla said that it would stream its Investor Day live from its Texas Gigafactory on March 1.

The company said: “Our investors will get the opportunity to tour our most cutting-edge production line and speak with our leadership team about our long-term expansion goals, generation 3 platform, capital allocation, and other topics.

Tesla’s stock dropped by 65% in 2022, its worst year since coming public in 2010, as a result of investors’ fears regarding manufacturing problems, a decrease in demand, and Elon Musk’s attention to Twitter.

The multi-billionaire paid $44 billion (£36.4 billion) for the social networking platform at the end of October, and he has devoted a lot of his time since then to trying to turn the company around.

Back to top button