(Boursier.com) — You’re here unveiled deliveries and production last night at an all-time high for its fourth quarter, but missed the Wall Street consensus in terms of deliveries, which is messy, even though Elon Musk’s group had agreed to cuts in last minute prices. Slowing demand and logistical issues weighed.
In the fourth quarter, the group produced more than 439,000 vehicles and delivered more than 405,000 vehicles. In 2022, vehicle deliveries increased 40% year-on-year to 1.31 million, while production increased 47% year-on-year to 1.37 million. “We continued our transition to a more homogeneous regional mix of vehicle constructions, which again led to a further increase in the number of cars in transit at the end of the quarter”, nuances the group, whose figures come out too short in consensus comparison.
In detail, fourth quarter production includes 419,088 Model 3s and Ys, compared to 20,613 Model Ss and Xs. Quarterly deliveries include 388,131 Model 3s and Ys, as well as 17,147 Model Ss and Xs. the group produced 1,298,434 Model 3 and Y and 71,177 Model S and X. Annual deliveries include 1,247,146 Model 3 and Y, as well as 66,705 Model S and X.
Analyst estimates for Tesla’s quarterly shipments, which have been falling steadily in recent weeks, were in the region of 421,000 according to the Bloomberg consensus. On the other hand, quarterly production, close to 440,000 units, exceeded market expectations (438,800 by Bloomberg consensus).
“Thank you to all of our customers, employees, suppliers, shareholders and supporters who helped us achieve a great 2022 in light of significant COVID and supply chain challenges throughout the year,” adds You’re here, which will announce its financial results for the fourth fiscal quarter and full year after the close of Wall Street on January 25. Tesla, whose stock price lost two-thirds of its value last year, its worst year since the 2010 IPO, will also hold an investor meeting on March 1, with perhaps some interesting new features. , while Musk had hinted in October at a cheaper and smaller next-generation vehicle than the Model 3.
Daniel Ives, case specialist at Wedbush Securities, finds these delivery figures disappointing. “The bulls will not be happy,” summarizes the specialist, quoted by Reuters. Analysts more generally point to weak demand in the world’s biggest auto market, China, as well as competition from traditional automakers and startups such as Rivian Automotive and Lucid Group. Note also the excellent performance of China’s BYD in December, with unit sales doubling to more than 235,000 units, a record. Another Chinese, Nio, posted a sales record in December, still showing the resilience of the electric car market.
You’re here plans to run a reduced production schedule in January at its Shanghai plant, extending reduced production started in December, according to a Reuters report, based on a review of an internal schedule.