Disappointing 2022 deliveries for Tesla

Tesla said Monday it delivered 1.31 million electric cars in 2022, a record high and a 40% year-over-year jump, but still short of its and Wall Street’s forecasts.

Elon Musk’s company has set itself a long-term goal of increasing deliveries by an average of 50% annually.

It regularly specifies that this target may fluctuate depending on its operations and in its press release Monday, it highlights the impact of COVID, which led to several weeks of closing its factory in China, and problems with its supply chains.

In October, the CFO also warned that Tesla may not reach its goal this year.

However, analysts expected more: They expected 427,000 vehicles to be delivered in the fourth quarter according to estimates compiled by FactSet — the group delivered 405,000 vehicles.

To boost sales, Tesla offered unusual promotions to customers who agreed to own a new car before the end of December.

In an email sent to employees last week and seen by CNBC, Elon Musk also asked them to volunteer to deliver as many cars as possible before the end of 2022.

Many observers fear a potential slowdown in demand for the manufacturer’s rather expensive cars at a time when the economic environment is uncertain and when other manufacturers introduce more and more competing models.

They also worry that Elon Musk is focusing on his new business, Twitter, rather than Tesla.

After rallying in 2020 and 2021, the automaker’s stock is down 65% in 2022.