Tesla Inc. : Despite record production in 2022, Tesla misses its targets and plunges on Wall Street

(BFM Bourse) – Despite record production in 2022, the electric vehicle specialist has failed to achieve its objectives and meet Wall Street expectations. The Tesla stock starts the year down.

Tesla skates. The automaker specializing in electric vehicles lost nearly 8% to 1113.47 dollars in the first exchanges of the year on Wall Street. The automaker is certainly posting record production, but it has failed to meet its targets.

Elon Musk’s company announced on Monday that it had delivered 1.31 million electric vehicles in 2022, which represents a record and a 40% jump over one year but remains below its own forecasts and expectations. of Wall Street.

Tesla has set itself the long-term goal of increasing deliveries by an average of 50% per year. It regularly specifies that this objective may fluctuate depending on its operations and in its press release on Monday, it highlights the impact of the Covid, which led to several weeks of closure of its factory in China, and the problems related to its chains. supply.

Disappointing deliveries

In October, the CFO also warned that Tesla might not hit its target this year.

Analysts, however, expected more: they expected the delivery of 427,000 vehicles in the fourth quarter according to estimates compiled by FactSet. The group delivered 405,000.

To boost sales, Tesla had offered unusual promotions to customers agreeing to take possession of 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.

Increasingly tough competition

Several observers fear a possible slowdown in demand for the manufacturer’s rather expensive cars at a time when the economic environment is uncertain and when other manufacturers offer more and more competing models. They are also concerned that Elon Musk is focusing on his new business, Twitter, rather than Tesla.

After soaring in 2020 and 2021, the carmaker’s stock plunged 65% in 2022, victim of fears over the demand for electric vehicles, bewilderment at the tribulations of Elon Musk at the head of Twitter and of the end of easy money on Wall Street.

(With AFP)

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