The fourth quarter production and delivery report was published by the company.
Key numbers are listed here.
There were 405,278 total deliveries in the fourth quarter of the year and 439,701 total production in the fourth quarter of the year.
The closest approximation of sales is deliveries. The growth of 40% in deliveries was a new record for the company.
The fourth quarter numbers were not as good as expected.
Wall Street was expecting the company to deliver around 427,000 cars in the last quarter of the year. The estimates ranged from 409,000 to 433,000.
The estimates were in line with the company's consensus. According to the consensus published by electric vehicle industry researcher Troy Teslike, 24 sell-side analysts expected the company to deliver about 417,957 cars in the quarter and 1.33 million in the year.
The company started production at two new factories this year, in Austin, Texas and Brandenburg, Germany, as well as ramping up production in the US and China.
In the fourth quarter of 2022, deliveries of the entry level Model 3 sedan and Model Y SUV totaled 325,158, while deliveries of the higher end Model S sedan and Model X SUV totaled 18,662.
50% average annual growth in vehicle deliveries is what the company wrote in its third-quarter shareholder presentation. The rate of growth will depend on the capacity and stability of the supply chain.
A Covid outbreak in China caused the company to temporarily suspend and reduce production at itsShanghai factory.
Even though doing so could put pressure on its margins, the company offered steep price cuts and other promotions in order to spur demand.
Musk asked employees to volunteer to deliver as many cars as possible before the end of the year. Musk told employees not to be "bothered" by the stock market craziness.
Over the last six months, shares of the company plummeted.
In December, several analysts expressed concern about the weak demand for electric vehicles, which are relatively expensive compared with other electric vehicles.
The benefits of Biden's Inflation Reduction Act this year include incentives for domestic production and purchases of fully electric cars, which is expected to benefitTesla along with other competitors.
Retail shareholders and analysts blamed some of the falling share price on the social media site.
Last year, Musk sold billions of dollars worth of his holdings in the electric car company. The deal ended in October. Musk made a lot of changes to the company and its social media platform.
In anticipation of record fourth-quarter and full-year deliveries, shares of the company began to rise again.
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