Tesla is missing its delivery target for 2022 as the economy continues to deteriorate.

According to a report by , Tesla has missed its 2022 delivery target. The Wall Street Journal. While the company saw deliveries rise nearly 40 percent to 1.31 million vehicles this year, it had initially planned to increase vehicle deliveries by 50 percent to 1.4 million. Given the state of economies around the world, it’s not surprising that demand for Tesla vehicles has declined.

In a ___ News for the newspaper, Tesla did not point to the fact that it missed its set targets but shared a reduction in the number of vehicles produced and delivered in Q4 2022 and throughout 2022. Those figures are as follows:

“In the fourth quarter, we produced over 439,000 vehicles and delivered over 405,000 vehicles. In 2022, vehicle deliveries grew 40% YoY to 1.31 million while production grew 47% YoY,” the company said in a statement. 1.37 million. “We continued to shift towards a more regional mix of vehicle manufacturing which led to a further increase in cars in transit at the end of the quarter. Thank you to all our customers, employees, suppliers, shareholders and supporters who helped us achieve a great 2022 in light of the significant COVID and supply chain challenges throughout the year.

Tesla’s share price has fallen dramatically since peaking at around $414 in November 2021. It is now down 70%, trading at $123 per share. Although this is a sharp decline, there is still potential for it to fall further. There are two main problems with Tesla stock price, first, it has only traded since 2010 so it has only experienced a low interest rate environment where money is cheap. Secondly, the stock is very much a hype stock, so its price must have gone up due to sheer demand. While fundamentals such as earnings have improved recently, that doesn’t necessarily justify the stock’s price in 2021.

With Tesla CEO Elon Musk currently alienating a large number of people on Twitter, it will be interesting to see if he does any long-term damage to his other companies like Tesla. Some have said they will no longer engage with Tesla but it remains to be seen if this is just a vocal minority or a large enough group to cause the company some financial damage.

Source: Tesla through The Wall Street Journal