Tesla Inc reported on Monday that it had achieved record production and delivery figures for its electric vehicles during the fourth fiscal quarter. Still, the company’s performance missed Wall Street estimates after struggling with logistical issues, slow demand, and continually rising interest rates.
405,278 electric vehicles were delivered by Tesla in the fourth quarter, notably exceeding the 308,600 vehicles delivered during the same period during the previous year. This figure still fell short of analysts’ estimates of 431,117 deliveries for the quarter.
Of the vehicles delivered during the fourth quarter of 2022, 388,131 were Model 3 compact sedans and Model Y sports utility vehicles. 17,147 of the vehicles were Model X and Model S luxury cars.
With 439,701 vehicles being produced during the fourth quarter, Tesla’s deliveries fell about 34,000 vehicles short of production. This comes after CEO Elon Musk stated in October that he was working to resolve ongoing logistical bottlenecks.
Tesla plans to run a reduced production schedule in January, with the company implementing a shutdown at its Shanghai branch over the Chinese new year.