Tesla Car Sales Rose 18% in Last Quarter

The electric car company said Monday that it delivered 405,000 electric cars during the last three months of the year, an 18 percent increase from the previous quarter that fell short of analyst estimates.

In the third quarter, Wall Street analysts predicted that 343,000 vehicles would be sold by the end of the year.

The company sold more than one million cars in a single year. It wasn't enough to meet the 50 percent annual growth target for the company.

The increases in deliveries were impressive compared with established cars but were less than analysts had predicted. Wall Street is worried that Musk is too focused on social media and not enough on the company.

The rise of Covid cases in China has caused the company to suspend production at its biggest factory. As interest rates increase, the company is facing more intense competition from traditional carmakers, as well as softer consumer demand. The company has slashed car prices in China and offered incentives to buyers in the US.

As investors lose faith in Mr. Musk, the value of his company's stock has plummeted.

China, the world's largest car market, is a concern for investors. The Chinese manufacturer BYD has raced pastTesla in electric vehicle sales in China, casting further doubts on Mr. Musk's ability to achieve world domination in the auto industry. Due to supply chain problems and rising Covid cases, the company has had to shut down production in China many times.

Last week, Mr. Musk tried to assure employees that the company would become the most valuable in the world, but he told them not to fixate on the stock price.

In percentage terms, the growth ofTesla sales is better than any of its competitors. The company is one of the most profitable car companies in the world and is increasing production in Texas and Germany.

Traditional carmakers, which have decades of experience mass producing vehicles cheaply, could catch up with Musk's company more quickly than thought.

The left-leaning consumers who purchase electric cars seem to be turning away from the company because of Mr. Musk. He has endeared himself to conservatives and Silicon Valley executives but angered many other people.