On Monday (Jan. 2), Tesla reported record production and deliveries for the fourth quarter of electric vehicles, but it missed Wall Street projections due to logistics issues, sluggish demand, rising borrowing rates, and worries of recession.
According to Refinitiv data, the Elon Musk-led automaker delivered 405,278 cars in the fourth quarter, falling short of Wall Street projections of 431,117 units. The total number of vehicles produced during the quarter was 439,701.
During the same time last year, the company delivered 308,600 vehicles.
However, it has been uncommon for the automaker to deliver fewer vehicles than it produces.
Analysts have pointed to competition from established players like Ford and General Motors, as well as newer entrants like Rivian Automotive and Lucid Group as challenges for Tesla. Weak demand in China, the world’s top auto market, is another factor.