2022 was better then 2021 for Tesla; read how
Key Takeaways:
- Tesla, a maker of electric vehicles, claims to have delivered a record 1.3 million cars in last year, a 40% increase from 2021.
- In a letter to investors, Tesla stated that it encountered “significant Covid and supply chain related challenges throughout the year.”
- The company was scheduled to announce its financial results for the final three months of 2022 and the entire year on January 25, 2022.
Tesla, an electric car manufacturer, claims it delivered a record 1.3 million vehicles in last year, a 40% increase from 2021.
It follows the company’s more than 405,000 vehicle 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 slow this year as potential customers fret over the recession and rising interest rates.
Tesla said it faced “significant Covid and supply chain related challenges throughout the year” in a statement to investors.
On Tuesday, authorities in South Korea announced that they would fine Tesla $2.2 million (£1.8 million) for failing to inform its customers about the reduced driving range of its electric vehicles in cold weather.
The company allegedly overstated the “driving ranges of its cars on a single battery charge, their fuel cost-effectiveness likened to gasoline vehicles, as well as the performance of its Superchargers,” according to the Korea Fair Trade Commission.
A BBC request for comment did not immediately receive a response from Tesla.
Deliveries in the year’s final quarter were roughly 34,000 below what Tesla produced, highlighting the logistical challenges the most valuable automaker in the world is facing.
Elon Musk, the company’s CEO, stated in October that he was attempting to find a solution.
Tesla, like other automakers, will have to contend with the possibility of a potential slowdown in vehicle demand as consumers deal with rising borrowing costs as well as worries about an economic slowdown.
Ford and General Motors, two established industry leaders, as well as more recent market entrants like Rivian and Lucid in the US and BYD and Nio in China, are rivals of Tesla.
On January 25, 2022, the business was expected to release its financial results for the final three months of 2022 and the entire year.
In a separate statement, Tesla announced that it would stream its Investor Day live from its Texas Gigafactory on March 1.
The company said: “Our investors will have the opportunity to tour our most cutting-edge production line and speak with our leadership team about our long-term expansion plans, generation 3 platform, capital allocation, and other topics.
Tesla’s stock dropped by 65% in 2022, its worst year since going public in 2010, due to investors’ concerns over production disruptions, a slowdown in demand, and Elon Musk’s attention to Twitter.
The multi-billionaire paid $44 billion (£36.4 billion) for the social media platform during the end of October, and he has devoted much of his time since then to trying to turn the company around.
Source from: BBC News
