There were over 400,000 vehicles delivered in the last quarter of the year. The automaker hit a record number of deliveries, but they came in less than expected.
In the fourth quarter, the electric vehicle company produced over four hundred thousand vehicles. There will be 1.37 million total production and 1.31 million total deliveries by the year 2022.
The company missed its own guidance for the year which projected a 50% growth in production and deliveries. In the fourth quarter, the company needed to sell 499,760 vehicles.
The company sold 343,830 cars in the third quarter. Towards the end of the quarter, the last minute discounts might have boosted the company. The price of the Model 3 and Model Y was slashed in December in response to the Inflation Reduction Act's EV tax credits.
It is not clear how the discounts in Mexico and China will affect the margins of the company.
According to the production and delivery report, production at its two new factories, Austin and Berlin, have increased recently. The company has been able to bounce back from production delays due to COVID-19 controls.
In the event of a widespread illness, some investors fear that the lack of COVID-19 control measures in China will affect sales of the electric car. Many people are concerned about Musk's antics on and off the internet.
Since January, the company's share price has plummeted. We will see tomorrow if the delivery news has an effect on the share price.
The stock market isn't open on Monday.
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