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Tesla reports record quarterly deliveries, but fewer than expected

Tesla reports record quarterly deliveries, but fewer than expected

Tesla on Monday reported record production and deliveries of electric vehicles in the fourth quarter, but missed Wall Street estimates, due to lingering logistical problems and slowing demand amid rising interest rates and fears of recession.

The world’s most valuable automaker delivered 405,278 vehicles in the final three months of the year, against Wall Street expectations of 431,117 vehicles, according to Refinitiv data.

The company had delivered 308,600 vehicles in the same period last year.

Tesla delivered 388,131 Model 3 compact sedans and Model Y sport utility vehicles (SUVs), plus 17,147 Model X and Model S luxury cars.

The automaker made 439,701 cars in the fourth quarter.

Tesla has faced the challenge of securing transportation to meet a quarter-end increase in deliveries, and Chief Executive Elon Musk said in October he was working to resolve the problem.

Analysts have also pointed to possible weak demand in China, the world’s top auto market.

There is also concern of a Tesla slowdown due to stiff competition from automakers such as Ford Motor Co, General Motors Co and startups such as Rivian Automotive and Lucid Group.

Uncertainty over U.S. electric vehicle credits has also likely led some customers to postpone their purchases.

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